IndusInd Bank raises Rs 5,081 cr via QIP

The lender said that the amount raised will be used to support the growth and will also help in augmenting the capital adequacy ratio

IndusInd Bank, promoted by the Hinduja brothers, on Wednesday claimed it has raised Rs 5,081 crore by issuing six crore new shares via qualified institutional placement (QIP) and preferential issuances.

The bank said in a BSE filing: “With the completion of the preferential issue of promoters, IndusInd Bank has, in combination with the recent QIP issue, successfully raised Rs 5,081 crore of common equity through issuance of six crore new shares.”

After the QIP, the bank has completed the preferential issuances to promoters to raise an additional Rs 753 crore last week. Last month, the lender had raised Rs 4,328 crore via the QIP.

The lender said the amount raised will be used to support growth and would also help in augmenting the capital adequacy ratio.

The QIP was priced at 2.9 per cent premium to the floor price determined by market regulator at Rs 845 per share. The preferential issue for promoters, IndusInd International Holdings Limited and its subsidiary IndusInd Limited, was priced at Rs 857.20 per share.  

In March-end, the capital adequacy ratio fell to 12.09 per from 13.83 per cent a year earlier. In 2014-15, total advances grew 25 per cent to Rs 68,788 crore and deposits rose to Rs 74,134 crore, up 23 per cent. For the full year, the net profit stood at Rs 1,794 crore, up 27 per cent.

Morgan Stanley, JM Financial Institutional Securities and CLSA India, Citigroup Global Markets, Credit

Suisse Securities, Goldman Sachs and JP Morgan India were the book running lead managers for the issue.