IndusInd Bank gains after announcing closure of QIP issue

IndusInd Bank rose 0.17% to Rs 873.55 at 10:50 IST on BSE after the bank announced that its Finance Committee at its meeting held yesterday, 30 June 2015, has approved the closure of the qualified institutional placement on 30 June 2015.

The bank made announcement after trading hours yesterday, 30 June 2015.

Meanwhile, the BSE Sensex was up 202.52 points, or 0.73%, to 27,983.35.

On BSE, so far 16,790 shares were traded in the counter, compared with an average volume of 1.21 lakh shares in the past one quarter.

The stock hit a high of Rs 874.45 and low of Rs 865.50 so far during the day. The stock hit a record high of Rs 966.90 on 15 April 2015. The stock hit a 52-week low of Rs 527.80 on 18 July 2014.

The stock had underperformed the market over the past one month till 30 June 2015, falling 0.3% compared with 0.17% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.85% as against Sensex's 0.7% decline.

The large-cap private sector bank has an equity capital of Rs 531.19 crore. Face value per share is Rs 10.

IndusInd Bank announced that the Finance Committee of the bank at its meeting held yesterday, 30 June 2015, inter alia, has approved the closure of the qualified institutional placement (QIP) on 30 June 2015. IndusInd Bank priced the issue of shares to qualified institutional buyers at Rs 845 per share, which is at a premium of Rs 23.46 per share, to the floor price of Rs 821.54 per share. The bank will allot a total of 5.12 crore equity shares to to qualified institutional buyers.

Indusind Bank's net profit rose 25.1% to Rs 495.27 crore on 19.8% rise in total income to Rs 3237.43 crore in Q4 March 2015 over Q4 March 2014.

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