Indusind Bank completes QIP issue successfully

Indusind Bank Ltd has successfully concluded its third Qualified Institutions Placement (QIP) offering equity shares aggregating to approximately Rs.2000 crores (equivalent to approx. US$369.11 million). The bank issued 5.21 crore new equity shares constituting 9.98% of the total equity shares of the bank outstanding following the QIP issue.

The issue was priced at Rs.384, a 2.7% premium to the floor price of Rs.374.05 under applicable SEBI regulations and a premium per equity share of Rs.374.

The QIP issue received excellent response from high quality FIIs as well as domestic investors. The raised capital will be used to support the bank's growth and also augment the total capital adequacy ratio.

The Indusind Bank Ltd stock was trading at Rs.411.85, down by Rs.5.35 or 1.28%. The stock hit an intraday high of Rs.421.85 and low of Rs.408.80.

The total traded quantity was 0.60 lakhs compared to 2 week average of 1.63 lakhs.

Source : Equity Bulls

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