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Oct 17, 2012, 06.52 PM IST
IndusInd Bank has picked three banks including Morgan Stanley and Asia-Pacific brokerage CLSA for a sale of shares that could raise between USD 250 million and USD 300 million, two sources with direct knowledge of the matter said.
The private sector lender has also hired local investment bank JM Financial
The issue is likely to be launched early next year, and the proceeds will be used by IndusInd to boost its balance sheet, one of the sources told Reuters.
A spokesman for IndusInd, which has a market value of more than USD 3 billion, did not respond to an email seeking comment.
Many Indian companies are finalising their share offering plans, enthused by a 20 percent surge in the main Mumbai index so far this year and as the receding worries about the European Union debt crisis boost appetite for equities.
Total proceeds from share sales in India in the first nine months of 2012 were USD 8.9 billion from 59 deals, a rise from USD 8.3 billion in the same period last year, according to Thomson Reuters data.
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