IndusInd Bank seeks $500-750 mn 'confidence capital', says report

IndusInd Bank is looking to raise as much as $500-750 million in 'confidence capital' from global firms, attempting to allay investor's fears after the novel coronavirus (COVID-19) outbreak, The Economic Times reported.

The private lender, backed by the Hinduja family, also saw an outgo of one-tenth of its deposits after Yes Bank went through a crisis.

Global private equity (PE) funds such as Blackstone, Apax Partners, General Atlantic (GA), Advent, TPG, Carlyle and others have been contacted, the report said.

Moneycontrol could not independently verify the report.

IndusInd Bank has asked Morgan Stanley and Citi to approach PE players, the report said, adding that the promoters are considering diluting their stake by 5-10 percent, subject to approval by The Reserve Bank of India (RBI).