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Money Dec 11, 2012

IndusInd Bank raises Rs 2,000 cr via QIP issue

Mumbai: The Hinduja Group-promoted IndusInd Bank has raised Rs 2,000 crore through placement of shares with domestic and overseas institutional investors.

This is the third qualified institutional placement (QIP) issue by the city-based bank. Reuters

This is the third qualified institutional placement (QIP) issue by the city-based bank, and was launched on November 26, the bank said in a statement. The proceeds from the issue of 5.21 crore new equity shares, or 9.98 percent, will be used to support growth and also augment the total capital adequacy ratio, it added.

"The issue received good response from high quality FIIs as well as domestic investors. The bank priced the new equity shares at Rs 384, a 2.7 percent premium to the floor price of Rs 374.05 and a premium per equity share of Rs 374," bank's MD and Chief Executive Romesh Sobti said.

Although the bank is already well capitalised, this equity raising will ensure that its growth continues apace, he said. Morgan Stanley India, JM Financial, CLSA India and HSBC Securities were the joint global coordinators and book running lead-managers to the issue.

PTI

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