IndusInd Bank’s Board Approves Fresh Capital Raise of Rs. 3,288 crore Through Preferential Issuance of Equity
Board of Directors of IndusInd Bank Limited (“Bank”), in their meeting held today, considered and approved a proposal to raise Rs. 3,288 crore through a preferential issue of fully paid up 6.275 crore equity shares at a price of Rs 524/- per share, to a set of marquee investors and the Promoter. The preferential issue is subject to shareholder approval and other necessary approvals. The extraordinary general meeting (“EGM”) of shareholders, to consider the preferential issue, is scheduled to be held on 25 August 2020.
The Bank will raise capital from the following investors:
Name of Investor
Number of Shares Proposed to be Issued
Total Capital Proposed to be Raised (Rs. Crore)
Route One Fund I LP
Route One Offshore Master Fund LP
ICICI Prudential Life Insurance Company Limited
Tata Investment Corporation Limited
AIA Company Limited
Hinduja Capital Limited
IndusInd International Holdings Limited
The Bank is already well capitalized with a CRAR (including Q1 FY21 profits) of 15.3% as of 30th June 2020. Subsequent to the proposed capital raise, the post-issue CRAR is estimated to be 16.5%.