IndusInd Bank up on GDR issue

DALAL STREET SPIKES

IndusInd Bank soared over ten per cent, touching an intraday high of Rs 43.80, from its previous close of Rs 39.70, and settled for a close at Rs 41.95 by the end of the session. Less than 7.5 lakh shares were traded on the counter.

The bank announced on March 30, that it had concluded an issue of about 295 million global depository receipts (GDRs) at $1.147 each with each GDR represented by one equity share of the bank.

Considering the current exchange rate of Rs 43.55 a dollar, the price works out to be about Rs 49.95 per share. The bank's equity capital has gone up from Rs 290.32 crore to Rs 320 crore after the GDR issue. The s