The board of private sector lender IndusInd Bank Ltd approved a Rs 30,000 crore fund raising plan on Saturday, according to a filing with the stock exchanges.
The bank may raise these funds through routes including qualified institutional placement, American Depository Receipts, Global Depository Receipts, and any other mode, according to the board’s decision.
IndusInd Bank will seek approval from shareholders for this fund raising in its upcoming annual general meeting on August 26.
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The bank has also proposed to raised its authorised share capital from Rs 875 crore to Rs 1,000 crore, it said in the exchange filing.
Apart from these, the bank’s board approved the appointment of Jayant Vasudeo Deshmukh as additional director on the board and approved the appointment of Haribhakti & Co and MP Chitale & Co. as joint statutory auditors.
The shareholders of the bank will vote on the increase in authorised capital base and these appointments at the AGM.
Last year, multiple private banks including ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd. and IDFC First Bank Ltd. tapped the market to raise equity capital to bolster their capital base in the face of the Covid-19 pandemic and potential stress on assets.
In September 2020, IndusInd Bank too raised Rs 3,288 crore by preferential allotment of shares to its promoter entities.
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(By BloombergQuint)
