IndusInd Bank to consider raising Rs 20,000 crore through debt securities

On July 18, the bank reported a net profit of Rs 2,124 crore for the April-June quarter, which is a 33 percent jump as compared to Rs 1,631 crore clocked in the year-ago period.

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Private sector lender IndusInd Bank said that its board may consider fundraising for an amount of Rs 20,000 crore through debt securities on a private placement basis.

The bank will hold an Annual General Meeting (AGM) on August 24 to consider the fundraising plan, it said in its filing to stock exchanges on July 20.

IndusInd Bank said that raising funds for the aggregate amount or its equivalent amount in such foreign currencies as may be necessary, is subject to approval of the members of the bank and receipt of
regulatory/statutory approvals, as applicable.

The resolution in this connection will be valid for a period of 12 months from the date of its passing at the 29th AGM by the Members of the bank or until the 30th AGM, whichever is earlier, IndusInd Bank further stated.

On July 18, the bank reported a net profit of Rs 2,124 crore for the April-June quarter, which is a 33 percent jump compared to Rs 1,631 crore clocked in the year-ago period. The bank's gross non-performing asset (GNPA) stood at 1.94 percent, down from 2.35 percent recorded in the same quarter last year. Its net NPA stood at 0.58 percent, improving from 0.67 percent on a year-on-year basis.

The bank's shares on July 20 touched an intra-day high of Rs 1,433 apiece and an intra-day low of Rs 1418.65, before closing 0.43 percent up to Rs 1,425.25 apiece on the BSE.