IndusInd selling shares to raise up to $360 mn

IndusInd Bank late on Monday launched a share sale to raise up to $360 million, two sources with direct knowledge of the deal said, as it looks to boost its capital base.

The share sale to institutional investors was launched at a floor price of about Rs 374 a share, said the sources, declining to be named as they were not authorised to speak to the media. Shares in IndusInd, a private sector lender, ended 2.7 percent higher on Monday at Rs 384.35.

Last month, IndusInd Bank picked Morgan Stanley , brokerage CLSA and local investment bank JM Financial Ltd to manage the share offering.

Many Indian companies are finalising share offering plans, enthused by a 20 percent surge in the BSE Sensex so far this year, sources have said.

Total proceeds from share sales in India in the first nine months of 2012 were $8.9 billion from 59 deals, a rise from $8.3 billion in the same period last year, according to Thomson Reuters data.