IndusInd Bank board approves fund raising up to Rs 20,000 crore via debt securities

IndusInd Bank, a private sector lender, stated that its board may consider raising Rs 20,000 crore through the private placement of debt instruments. The bank said in its statement to stock exchanges on July 20 that the Annual General Meeting (AGM) will be held on August 24 to discuss the fundraising plan.

According to IndusInd Bank, raising capital for the total amount or its equivalent in any relevant foreign currencies is contingent upon receiving regulatory and statutory approvals as well as the consent of the bank's members.

According to IndusInd Bank, the resolution in question will be in effect for a period of 12 months from the date of its passing at the 29th AGM by the Members of the bank or until the 30th AGM, whichever is earlier, IndusInd Bank further stated. On July 18, the bank announced a net profit of Rs 2,124 crore for the April–June quarter, an increase of 33% over the Rs 1,631 crore recorded during the same time last year. Gross non-performing assets (GNPA) for the bank decreased from 2.35 percent in the same period last year to 1.94 percent this quarter. On an annual basis, its net NPA decreased from 0.67 percent to 0.58 percent.

Source: Media Reports