Shares of IndusInd Bank were trading in the green as the company board approved Rs 20,000 crore fundraising plan.
As of 9:28 am, the shares were trading at Rs 1,425.90.
At its meeting held on July 20, IndusInd Bank's board approved raising funds through debt securities on a private placement basis, aiming to secure Rs 20,000 crore or an equivalent amount in foreign currencies, pending approval from the bank's members and receipt of necessary regulatory/statutory approvals.
Resolution in this connection will be valid for a period of twelve 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, the bank said.
The company's 29th annual general meeting (AGM) will be held on August 24, 2023, through video conferencing or other audio-visual means.
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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.
Total income for the quarter also grew 28 percent on-year to Rs 12,939 crore backed by an 18 percent rise in net interest income of Rs 5,863 crore, up from the Rs 4,125 crore last year.
Broking house KRChoksey in its report dated July 20 assigned a P/B multiple of 1.9x to the FY25E adj. BVPS of Rs 898.4 and revise its target price to Rs 1,705 per share (earlier Rs 1,475), an upside of 20 percent over the CMP.
It has maintained a Buy rating on the shares of IndusInd Bank.
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