IndusInd Bank shares in focus after board approves Rs 30,000-crore fundraising plan
will be in focus on Thursday after the bank's board of directors approved a fundraising plan of up to Rs 30,000 crore on Wednesday.
According to an exchange filing, the bank will raise Rs 20,000 crore via debt securities, either in Indian currency or in permitted foreign currencies through private placement. Additionally, it will raise Rs 10,000 crore through equity instruments such as
Qualified Institutional Placement
(QIP),
American Depository Receipts
(ADR), or
Global Depository Receipts
(GDR).
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The fundraising comes in the backdrop of a $230 million hit to the bank's net worth in the fiscal year ended March 31, due to misaccounting of internal derivative trades over several years. This issue led to the resignations of CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April.
The UK-based Hinduja family, which holds a 15.82% stake in the bank and is classified as a promoter group, has now been allowed to nominate up to two directors on the board, following approval from the
Reserve Bank of India
. Promoters previously had no board representation.
IndusInd Bank
is currently being run by an executive committee. As per a Reuters report, the bank has shortlisted Rajiv Anand, Rahul Shukla, and Anup Saha as potential candidates for the CEO position. Notably, Saha resigned as Managing Director of
Bajaj Finance
earlier this week.
IndusInd Bank is scheduled to announce its Q1 results on July 28.
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