| · GDR issue opened on Friday March 23, 2007 and closed on Tuesday March 27, 2007 |
| · US$ 33.825 mn raised through IndusInd's maiden GDR offering |
| · Each GDR representing 1 equity share has been priced at US$ 1.147 per GDR |
| · Issue comprised 29,490,300 GDRs |
| · CLSA Singapore Pte. Ltd. - Asia-Pacific Markets acted as the Lead Manager and Sole Bookrunner, and Amas Bank (Switzerland) Ltd. acted as the Co- Lead Manager for the offering. |
| Mumbai, March 30, 2007: IndusInd Bank Ltd, among the fast- growing new-generation private-sector banks in the country, has successfully concluded its maiden offering of Global Depository Receipts. The Finance Committee of the Board of Directors of the Bank at its meeting held today allotted 29,490,300 equity shares of the Bank of Rs.10 each, fully paid, under this offering. |
| Each equity share will be represented by one GDR of the Bank and the price has been fixed at US$ 1.147 per GDR. CLSA Singapore Pte. Ltd. - Asia-Pacific Markets acted as the Lead Manager and Sole Bookrunner, and Amas Bank (Switzerland) Ltd. acted as the Co- Lead Manager for the offering. IndusInd Bank has appointed The Bank of New York, a global leader in securities servicing, as depositary bank for its Global Depositary Receipt (GDR) programme. |
| The GDRs amount raised, US $ 33.825 million, represents 9.22% of the post-offer equity capital of the Bank, and will be listed on the Luxembourg Stock Exchange. |
| Speaking on the occasion, Mr. Bhaskar Ghose, Managing Director & CEO, IndusInd Bank, said, "We are happy with the overwhelming and spontaneous response to our GDR issue, particularly as we have been able to place the GDRs at a significant premium to the current market price of the underlying equity shares. This is our first equity issue after a gap of more than ten years. With the success of our issue, the Bank has raised about Rs147 crore of new Tier I Capital - which will improve our CRAR, besides creating enough room to raise further Tier II capital. The enhanced capital will help us to meet our business growth targets for the immediate future, besides enabling us to enter new lines of activities including wealth management, insurance broking, the opening of an OBU overseas, and asset reconstruction." |
| About IndusInd Bank: IndusInd Bank Ltd., one of the leading new-generation private-sector banks in India, commenced operations in 1994 and built up its net worth to Rs. 866 crore as at March 31, 2006. With the issue of the current GDRs, the net worth of the Bank will touch Rs. 1000 crore (approximately) as at March 31, 2007. Driven by technology, the Bank constantly upgrades its support systems for the introduction of retail banking products and alternative delivery channels, while continuing to expand its network of branches. In its twelve years of existence, the Bank has displayed its commitment to global benchmarks in retail banking by proactively adopting the requirements of ISO 9001:2000 quality certification for its entire network of branches. It was one of the first banks to go live on the RTGS platform and enjoys clearing bank status for both major stock exchanges - BSE and NSE and both major commodity exchanges in the country "� MCX and NCDEX. It also offers DP facilities for stock and commodity segments. Since the merger of Ashok Leyland Finance in June 2004, the Bank has expanded its retail portfolio. It is a large player in the financing of commercial vehicles, utility vehicles, 2/3-wheelers and construction equipment. The Bank has been given the highest A1+ rating for its Certificates of Deposits by ICRA. The Bank has been awarded the highest P1+ rating for its FDs by CRISIL, who have also assigned the highest safety ratings to the Bank's Pass through Certificates for securitized assets. Visit us at www.indusind.com |
Top Section
Explore Business Standard