IndusInd Bank board approves fund raising plan

IndusInd Bank on Saturday announced that its board has approved raising up to Rs 30,000 crore capital through debt securities or equity instruments or convertible debt securities in any permitted mode.

In an exchange filing on Saturday, the bank said it will raise funds through debt securities or equity instruments or convertible debt securities in any permitted mode such as through Qualified Institutions Placement (QIP), American Depository Receipts (ADRs), Global Depository Receipts (GDRs) program, or combinations on a private placement basis thereof as may be decided by the Board, for an aggregate amount not exceeding Rs 30,000 crore or its equivalent amount in such foreign currencies as may be necessary, subject to approval of the shareholders of the bank and receipt of other governmental regulatory and statutory approvals.

The matters of raising of funds will be taken up on 27th AGM, approved by the board of directors at its meeting held. The 27th Annual General Meeting of the bank will be held at 11.30 am on Thursday, 26 August 2021 through video conference.

Meanwhile, the bank announced the appointment of Jayant Vasudeo Deshmukh as 'Additional Director' in the category on 'Non-Executive, Independent-Agriculture and Rural Economy Director' on the board of the bank for the term of four years.

IndusInd Bank caters to the needs of both consumer and corporate customers. As on 31 March 2021, the bank has 2,015 branches/ banking outlet and 2,872 ATMs spread across geographical locations of the country. The bank reported 190.2% jump in net profit to Rs 875.95 crore in Q4 FY21 from Rs 301.84 crore in Q4 FY20. Total income during the quarter increased by 0.4% year-on-year (YoY) to Rs 9199.48 crore.

Shares of the private sector bank were trading 0.07% lower at Rs 988 on BSE.

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