IndusInd Bank raises $100 million through QIP route

13 Aug 2009

1

Mumbai: Mumbai-based IndusInd Bank has successfully concluded its first qualified institutional placement (QIP) offering of $100 million, representing 13.39 per cent of the post-offer equity capital of the Bank.

The total share capital will now increase to Rs410 crore, with the capital adequacy ratio (CAR) of the bank rising over 15 per cent. The Bank's Net Worth has now crossed the Rs. 2,000 crore mark.

Offered at an issue price discount of 0.4 per cent, the bank said the issue, which opened on 11 August 2009, was closed in just 25 minutes.
The price for the Rs10 share had been fixed at Rs87.50 for the QIP offering.

''This QIP offering has made the Bank well capitalised and it will now meet our growth aspirations," said Romesh Sobti, managing director and CEO. Sobti also said that most of the institutional investors were long-term investors.

New-generation private-sector bank, IndusInd Bank has been in operations since 1994. It currently has a network of 180 branches spread over 147 locations across the country. Apart from this it also operates through over 400 satellite location through IndusInd Marketing & Financial Services Ltd.

The Bank also which has a representative office each in Dubai and London.

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