IndusInd Bank shareholders ALERT: BIG UPDATE! Bank gets board's approval to raise up to Rs 30,000 cr via equity, debt; AGM on August 26

IndusInd Bank on Saturday said it is planning to raise up to Rs 30,000 crore through a mix of equity and debt to fund its business growth. The bank's board approved a proposal for raising funds through debt securities or equity instruments or convertible debt securities in any permitted mode such as Qualified Institutional Placement or American Depository Receipts or Global Depository Receipts, it said in a BSE filing. The funds will be raised on a private placement basis. The bank proposes to raise up to Rs 30,000 crore or its equivalent amount in such foreign currencies as may be necessary, subject to approval of the shareholders and receipt of regulatory approvals, it said. However, the bank did not specify a timeline for raising debt and equity capital. 

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"Raising funds through debt securities or equity instruments or convertible debt securities in any permitted mode such as through Qualified Institutions Placement (QIP) I American Depository Receipts (ADRs) I Global Depository Receipts (GDRs) program, or combinations on a private placement basis thereof as may be decided by the Board, for an aggregate amount not exceeding INR 30,000 crores or its equivalent amount in such foreign currencies as may be necessary, subject to approval of the Shareholders of the Bank and receipt of other governmental I regulatory I statutory approvals," read regulatory filing to exchanges   

The proposal will be taken up at Annual General Meeting slated for August 26. 

Besides, the board in its meeting approved a proposal to raise authorised capital to Rs 1,000 crore from existing Rs 857 crore. 

Last September, the bank had raised Rs 3,288 crore through preferential allotment of shares to the promoter group and select investors. 

IndusInd bank shares ended Friday at Rs 985.50, down Rs 6.65 or 0.67% on NSE.