IndusInd Bank raises Rs 5,081 cr via QIP, preferential issue

indusindIndusInd Bank said it has raised a total of Rs 5,081 cr by selling 6 cr (60 mln) shares to its promoters and qualified institutional investors.

“The raised capital will be used to support the Bank’s growth and also augment total Capital Adequacy Ratio. The QIP issue addressed to foreign and domestic institutional investors was priced at 2.9% premium to the SEBI determined floor price at Rs 845 per share,” it said.

As on June 30, 2015, IndusInd Bank has 811 branches and 1,543 ATMs spread across the country.

The Preferential Issue for Promoters, namely IndusInd International Holdings Limited and its subsidiary IndusInd Limited; was priced at the higher of the QIP price and the SEBI determined floor price as applicable to preferential allotments at Rs 857.20 per share.

On the successful completion of the OIP issue, Mr. Romesh Sobti, Managing Director & CEO of IndusInd. Bank said, “Our capital raising is possibly one of the standout equity transactions of 2015 and will support our growth aspirations.” Mr. Sobti further added, “Despite the challenging environment, IndusInd Bank has delivered a consistent financial performance and the demand for our shares is testimony to our effective business model.”

Morgan Stanley India Company Private Limited, JM Financial Institutional Securities Limited and CLSA India Private Limited were the Joint Global Coordinators and Book Running Lead Managers to the QIP issue. Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, Goldman Sachs (India) Securities Private Limited and J.P. Morgan India Private Limited were the Book Running Lead Managers to the QIP issue.