By means of the qualified institutional placement (QIP) route, IndusInd Bank has mobilized Rs 480 crore to enhance its capital base. However, the first QIP issue of the private sector bank was placed at Rs 87.50 per share or at a 0.4% discount to the market price and the amount raised represents 13.39% of the bank''s post-offer equity capital. In addition, the qualified institutional buyers (QIBs) with whom the issue was privately placed include financial institutions, mutual funds and foreign institutional investors.
Additionally, with the expansion of the equity base via the QIP, the Hinduja Group''s holding in the bank has come down to 22.63%. However, it is said that the QIP will increase IndusInd Bank''s total share capital to Rs 410 crore and the bank''s net worth has crossed the Rs 2,000-crore marks and its capital adequacy ratio is over 15%.
Additionally, with the expansion of the equity base via the QIP, the Hinduja Group''s holding in the bank has come down to 22.63%. However, it is said that the QIP will increase IndusInd Bank''s total share capital to Rs 410 crore and the bank''s net worth has crossed the Rs 2,000-crore marks and its capital adequacy ratio is over 15%.
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