The Hindu Business Line : IndusInd Bank raises Rs 222 crore through GDR issue

Mumbai, June 25 IndusInd Bank Ltd has raised around Rs 222 crore, representing 10 per cent of the post-offer equity capital of the bank, through the issue of 3.51-crore global depository receipts (GDRs) issued at $1.47 each.

Each GDR would be represented by one equity share of the bank of the face value of Rs 10.

Application has been made to the Luxembourg Stock Exchange for listing of the GDRs with The Bank of New York as the overseas depository.

This is IndusInd Bank’s second successful GDR in a span of 15 months.

The bank had raised Rs 146 crore from its first GDR issue in March 2007.

“Although our capital adequacy is comfortable, we will use the capital to fuel balance sheet growth. We are aiming at a balance sheet growth of 40-45 per cent,” Mr Romesh Sobti, Managing Director and CEO, IndusInd Bank, said at a press conference.

The bank will also use the capital to invest in upgrading the bank’s technology, refurbishing existing branches as well as adding new ones.

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