IndusInd Bank Considers Rs 20,000 Crore Fundraising Plan Through Debt Securities

21 Jul 2023 , 11:26 AM

IndusInd Bank, a private sector lender, has revealed its plans to raise funds amounting to Rs 20,000 crore through debt securities on a private placement basis. The bank announced its intentions in a filing to stock exchanges on July 20 and will deliberate the fundraising proposal during its Annual General Meeting (AGM) scheduled for August 24.

IndusInd Bank’s board of directors will assess the proposal to raise Rs 20,000 crore through debt securities on a private placement basis. The bank’s Annual General Meeting (AGM) on August 24 will be the platform to discuss and consider this fundraising plan. The success of this endeavor is dependent on the approval of the bank’s members and the receipt of necessary regulatory and statutory approvals.

If approved, the resolution regarding the fundraising plan will remain valid for a period of 12 months, starting from the date of its passage at the 29th AGM or until the 30th AGM, whichever comes earlier. 

 On July 20, the bank’s shares experienced volatility in trading, with the intra-day high touching Rs 1,433 apiece and the intra-day low reaching Rs 1,418.65 on the Bombay Stock Exchange (BSE). Eventually, the bank’s shares closed 0.43 percent higher at Rs 1,425.25 apiece on the BSE