IndusInd Bank raises US$ 100 million through Qualified Institutional Placement (QIP)
Mumbai, August 13, 2009:
IndusInd Bank, one of the new generation private sector banks in the country, has successfully concluded its first Qualified Institutional Placement (QIP) offering of US$ 100 million. The issue received very strong response from investors on opening on 11th of August, 2009 and was swiftly over-subscribed.
The price per share has been fixed at Rs 87.50 per share of Face value of Rs. 10 each for the QIP offering. The $ 100 million amount raised represents 13.39 % of the post-offer equity capital of the Bank. The total share capital will increase to Rs 410 crore and the Capital Adequacy Ratio (CAR) has risen to a very comfortable level past 15%. The Bank’s Net Worth has now crossed the Rs. 2,000 crore mark.
Highlights
QIP issue opened on Tuesday, August 11, 2009 and closed in just 25 minutes
US$ 100 mn raised through IndusInd's first QIP offering
Issue priced at a mere 0.4% discount to prevailing market price
Capital Adequacy Ratio (CAR) crosses 15%
Bank’s Net Worth crosses Rs. 2000 crore
Speaking on the occasion, Mr. Romesh Sobti, Managing Director & CEO, IndusInd Bank, said, “This QIP offering has made the Bank well capitalised and it will now meet our growth aspirations. The response from institutional investors was very encouraging and most of them are long-term investors.”
(This is a press release from IndusInd Bank)
