This Article is From Feb 25, 2015

IndusInd Bank to Raise Rs 2000 Crore via Infra Bonds, NCDs

New Delhi: Private lender IndusInd Bank on Wednesday said it will raise up to Rs 2,000 crore through issuance of long-term infrastructure bonds and subordinated non-convertible debentures/bonds on a private placement basis.

In a BSE filing, IndusInd Bank said its board of directors had, at their meeting held on January 13, approved "the proposal for issuance of long-term infrastructure bonds and subordinated non-convertible debentures (NCDs)/bonds eligible to be included as additional tier 1 and tier 2 capital of the bank up to Rs 2,000 crore on private placement basis."

The bank added that it will seek approval of its shareholders through a postal ballot.

The board in the aforesaid meeting appointed Romesh Sobti, managing director and CEO, S V Zaregaonkar, chief financial officer and Haresh Gajwani, company secretary, as persons designated for conduct of the entire postal ballot process, the bank said.

The board authorised Sobti for finalisation of terms and conditions for issuance of long term bonds/NCDs, to finalise the calendar of events with regards to Postal Ballot, to appoint various intermediaries, and to sign, execute and enter into agreements with the intermediaries, etc.

Shares of IndusInd were trading at Rs 856.75 apiece, down 1.02 per cent from previous close on the BSE.