IndusInd gets nod to raise more capital

After raising $51.73 million (around Rs 248 crore) in June through issue of global depository receipts (GDRs), private sector lender IndusInd Bank has got the shareholders’ approval for raising further capital, if a need arises. The proposal was approved at the bank’s annual general meeting (AGM) last month.

The capital raised through the GDR issue is scheduled to be infused over a span of 12 months. "With the capital raised through GDRs in June, our bank is adequately capitalised, and we do not need to float any public issue right now. With the announcement in our last AGM, we are just creating a headroom for raising more capital, if required, once the corpus of the GDR is exhausted," said Romesh Sobti, managing director, IndusInd Bank.

 

The board was free to offer more public or private offerings by way of public issue, rights issue, preferential allotment and QIP.