Raises Rs 5309 crore of equity capital in FY21
IndusInd Bank raised Rs. 2,021 crore of common equity capital through conversion of preferential warrants issued to the Promoter entities - Indusind International Holdings (IIHL) and lndusind (IL). The Promoter entities had paid Rs. 673 crores at the time of subscription to the warrants and the balance amount of Rs. 2,021 crores was paid today, 18 February 2021.The Bank has allotted 1,57,70,985 shares to the Promoter entities. The warrants are converted at a price of Rs 1,709 per share reflecting a premium of 65% over the closing price on 17 February 2021.
The Bank's already healthy capital adequacy ratios get further bolstered with this infusion from the Promoter entities. The Capital Adequacy Ratio including 9MFY2 l profits was at 16.93% as of December 31, 2020 and this will get augmented to approximately 17.68% with this capital inflow.
Earlier in September 2020, the Bank completed preferential issues of equity capital of Rs.3,288 crore and this was subscribed by the Promoter as well. Together with the current warrants conversion, the Bank has raised Rs. 5,309 crore of equity capital during the financial year 2020-21.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
