Indusind Bank to raise funds through GDR Issue

Indusind Bank Ltd has announced that pursuant to the Resolution passed at the Annual General Meeting of the Bank held on September 18, 2007, the Board of Directors of the Bank at its meeting held on January 30, 2008, constituted the Finance Committee of the Board of Directors and authorized the Committee to decide on the terms for appropriate mode of further issue of capital not exceeding 10% of the Bank's expanded paid-up equity capital.

The Finance Committee of the Board of Directors of the Bank in its meeting has accordingly approved the issuance of 3,51,92,064 fully paid-up equity shares of the Bank underlying like number of Global Depository Receipts of the Bank to be listed at Luxembourg. After issuance of the above-referred equity shares, the Bank's paid-up equity share capital shall be Rs 355 crores.

The pricing and other details would be finalised by the Finance Committee shortly after appointment of, and in consultation with, the Lead Managers, and the Bank shall advise in the matter.

The stock was trading at Rs.99.25, up by Rs.3.30 or 3.44%. The stock hit an intraday high of Rs.99.80 and low of Rs.96.90.

The total traded quantity was 457689 compared to 2 week average of 551590.

Source : Equity Bulls

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