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IndusInd Bank shrugs off fund raising proposal

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lost 1.7% to Rs 1,060.50 at 11:30 on BSE, inline with the slide in stocks, with the stock shrugging off the company's proposal to raise funds aggregating to Rs 1500 crore.

Meanwhile, the S&P Sensex was down 223.24 points or 0.84% at 26,336.68.

On the BSE, 18,000 shares were traded on the counter so far as against the average daily volumes of 56,969 shares in the past one quarter. The stock had hit a high of Rs 1,073.45 and a low of Rs 1,053 so far during the day.

The stock had hit a record high of Rs 1,255.30 on 7 September 2016 and a 52-week low of Rs 799 on 11 February 2016.

The large-cap has equity capital of Rs 597.38 crore. Face value per share is Rs 10.

said it proposes to raise funds by issue and allotment of senior unsecured redeemable non-convertible long term bonds in the nature of debentures (infrastructure bonds) for cash aggregating to Rs 1500 crore on private placement basis.

The borrowing shall be within the overall borrowing limits of the bank as may be approved by the shareholders from time to time. The announcement was made after market hours yesterday, 1 December 2016.

IndusInd Bank's net profit rose 25.8% to Rs 704.26 crore on 24% growth in total income to Rs 4439.72 crore in Q2 September 2016 over Q2 September 2015.

is a leading private sector bank in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 11:23 IST