IndusInd Bank Promoters to Retain Stake at 15% Post-QIP

Mumbai: IndusInd Bank Ltd on Thursday approved a preferential equity issue of up to 1.5 per cent to its promoters IndusInd International Holdings Ltd to ensure their holding does not fall below 15 per cent after an upcoming institutional placement of shares, in which it is planning to raise Rs 4,800 crore.

The bank's board approved a preferential allotment of equity shares to promoters IndusInd International Holdings Ltd (IIHL), a Hinduja group company, of up to 1.5 per cent of the authorised equity share capital, the private lender said in a filing to the BSE.

This is being done to ensure the aggregate holding of the promoters is retained at 15 per cent after the proposed share sale, it added.

The bank is reportedly planning to raise up to Rs 4,800 crore via QIP (qualified institutional placement) route.

Earlier this week, the shareholders approved issuing shares of up to 10 per cent of the share capital, IndusInd Bank said.

IndusInd Bank shares, on Thursday, ended 3.04 per cent lower at Rs 795.30 apiece on the BSE.