- QIP issue opened on September 15, 2010 and allotments were made to an extent of $253 million.
- Current QIP issue made at Rs. 234.55 per share as against Rs. 87.50 in Aug 2009
IndusInd Bank has successfully concluded its second Qualified Institutional Placement (QIP) offering of $253 million. The issue received an encouraging response and allotments were made to an extent of $253 million.
The price per share has been fixed at Rs 234.55 per share of face value of Rs.10 each for the QIP offering. The $253 million amount raised represents 13.39% of the post-offer equity capital of the Bank.
Speaking on the occasion, Mr. Romesh Sobti, Managing Director & CEO, IndusInd Bank, said, “This second QIP offering has made the Bank well capitalised and it will now meet our major growth aspirations. The response from institutional investors was encouraging.”
About IndusInd Bank
IndusInd Bank, which commenced its operations in 1994, caters to the needs of both consumer and corporate customers. It has a robust technology platform supporting multi-channel delivery capabilities. The Bank enjoys a patronage of 2.08 million customers and has a network of 224 branches and 533 ATMs spread over 180 geographical locations across the country as on June 30, 2010. The Bank also has Representative Offices in Dubai and London.
The Bank believes in driving its business through technology. It has multi-lateral tie-ups with other banks providing access to their ATMs for its customers. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. It also offers DP facilities for stock and commodity segments. The Bank has been bestowed with the mandate of being a Settlement Banker for six tea auction centres.
In a pioneering initiative in 'Green Banking' project, the Bank opened its first solar-power ATM in Maharashtra.
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The Bank received a series of accolades commencing with the prestigious 'Technology Bank of the Year-2009' award in the private and foreign bank category from the Indian Banks' Association (IBA). It has also been recognized as the Bank with the Best Performance in Credit Quality at the FE Best Banks Awards.
Recently, CRISIL has reaffirmed its P1+ rating of IndusInd Bank's fixed deposits and certificates of deposit program.
Credit rating agency ICRA Ltd. has upgraded Lower Tier II Bonds rating of the Bank to LAA- (pronounced L double A minus) rating with stable outlook from LA+ (pronounced L A plus) rating with stable outlook. ICRA has also upgraded the Upper Tier II Bonds rating of IBL to LA+ rating with stable outlook from LA (pronounced L A) rating with stable outlook.
This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities { Under the Companies Act, 1956, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended or any other applicable law } for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption from such registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements.