NEWS & ADVICE : CAR LOANS
IndusInd Bank to raise Rs 1000 cr by share sale
By Vaibhav Aggarwal
Jun 29, 2010
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In order to meet its high growth ambitions and further strengthening its balance sheet, IndusInd Bank plans for raising Rs 1000 crore in as many years.

The bank will be raising this capital through share sale.

The bank would see to raise the money through a qualified institutional placement or issuing global depository receipts (GDRs) this fiscal.

The bank has RBI’s permission to raise 127 branches in the country this year. It had raised $ 100 million last fiscal through QIPs and $ 60 million through GDRs in the previous year.

The bank will increase the number of branches to 700 in three years from 210, said IndusInd managing director and CEO Romesh Sobti.

Mr Sobti said there is an upward pressure on interest rates. “The liquidity condition is tight and in case the central bank changes the base rate, it will result in a hike in the interest rate,” he said.


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