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lnduslnd International Holdings Ltd (IIHL), the promoter company of lnduslnd Bank, said it has completed capital raise through rights issue which was oversubscribed.
“IIHL raised capital at an overwhelming premium of 1,400 per cent towards the subscription of this rights issue,” it said in a statement late on February 16.
The balance 75 per cent of the warrants were redeemed at the price of ₹1,709 per share, amounting to ₹2,021.45 crore. This amounts to a premium of 61.4 per cent on Tuesday’s closing price of ₹1,058.65 of IndusInd Bank scrip on the BSE.
The bank’s scrip closed 2.46 per cent lower at ₹1,032.6 apiece on the BSE on Wednesday.
IIHL said it also plans to monetise some of the other mature, non-core investments to support the redemption of warrants.
“The funds from this divestment and the rights issue will be remitted on or before February 18,” it said.
Previously, in July 2019, 25 per cent of the warrants were subscribed on payment of ₹673.8 crore.
“This would lead to IIHL shoring up additional equity of 1.7 per cent in lnduslnd Bank, thereby bringing promoter equity to 15 per cent on a diluted basis,” it said.
The promoters also stressed they would like to increase their stake in the bank to 26 per cent.
“The board of IIHL has always been desirous of increasing its stake in lnduslnd Bank to 26 per cent, the statement further said.
“Towards this, it has raised the debt by pledging some shareholding of lnduslnd Bank for acquisition or strategic investment to convert IIHL into a listed operating entity outside India by the first week of September 2021,” it said.
Meanwhile, according to a regulatory filing on February 16, the promoters of IndusInd Bank have pledged 4.27 crore shares, amounting to 5.6 per cent stake, with Catalyst Trusteeship Ltd.
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