IndusInd Bank board approves raising Rs 20,000 cr

The private lender said its board has approved a proposal to raise Rs 20,000 crore in debt to fund business growth.

The bank's board on 18 July 2022 approved the proposal of raising funds through debt securities in any permitted mode on a private placement basis as may be decided, for an aggregate amount not exceeding Rs 20,000 crore or its equivalent amount in such foreign currencies as may be necessary subject to approval of the members of the bank and receipt of other governmental/regulatory/statutory approvals, as applicable.

Separately, the bank approved re-appointment of Akila Krishnakumar as 'non-executive independent director' on the board, and has scheduled to hold its 28th annual general meeting on 19 August 2022. The bank also approved appointment of MSKA & Associates and MP Chitale & Co as joint statutory auditors for two years.

IndusInd Bank caters to both consumer and corporate customers. As of 31 March 2022, the bank's distribution network included 2,265 branches/banking outlets and 2,767 onsite and offsite ATMs.

The bank reported 55.4% rise in standalone net profit to Rs 1,361.37 crore on an 6.1% increase in total income to Rs 9,761.89 crore in Q4 FY22 over Q4 FY21.

Shares of IndusInd Bank jumped 4.36% to Rs 850.70 on Monday, 18 July 2022.

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