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Saturday 27 June 2015

IndusInd Bank Raises Rs 5,000 Cr As QIP Subscribed 2x for 27 June 2015

Private sector lender, IndusInd Bank successfully raised R5,000 crore through a private placement . The proceeds will help the bank bolster its capital adequacy ratio and boost lending. The qualified institutional placement (QIP) was subscribed 1.9 times, two people familiar with the development told FE requesting anonymity. The Hinduja Group-controlled bank offered a little over 5.1 crore shares to institutional investors in a price range of Rs 835-867.15 per share, fetching about Rs 4,258-4,422 crore. In addition, the company sold 90 lakh shares to founders which may fetch about Rs 751-780 crore. The final price was not fixed at the time of this report going to print. "The deal received fantastic response from a large number of domestic as well as foreign institutional investors, including some high quality, long-term funds" said a person familiar with the matter. Post the sale, public shareholding is estimated to increase to 73.95% from 72.69% as on quarter ending March 2015. Promoter holding will alter to 15.07% from 15.09% earlier. IndusInd Bank's share sale is the second largest QIP of all time. Country's largest lender, State Bank of India's raised Rs 8,031 crore via QIP last January. Reliance Communications raised Rs 4,808 crore in June 2014, while Axis Bank raised R4,726 crore in January 2013, Prime Database statistics showed. IndusInd Bank loans grew 25% in the year to March, compared with 9.7% for the banking system. The lender's tier-1 capital ratio fell to 11.2% as of March from 11.5% a year earlier, according to the filing. IndusInd had a total capital adequacy ratio of about 12% in March. Citigroup Global Markets, JM Financial, Morgan Stanley, CLSA Securities were global coordinators for the share sale. Shares closed flat to positive for the day. The stock touched an all-time high of R966 in April this year and yielded returns of 52% in the last 52 weeks.


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