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Economic Times
7 days ago
- Business
- Economic Times
IndusInd Bank shares in focus after board approves Rs 30,000-crore fundraising plan
IndusInd Bank shares 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. ADVERTISEMENT 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). 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. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
7 days ago
- Business
- Time of India
IndusInd Bank shares in focus after board approves Rs 30,000-crore fundraising plan
IndusInd Bank shares 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). Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Leadership Operations Management Data Science Healthcare Digital Marketing Project Management Product Management PGDM Design Thinking Management Data Analytics Data Science Public Policy others Others Degree Technology healthcare Artificial Intelligence CXO Finance MCA MBA Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details 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. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
India.com
7 days ago
- Business
- India.com
IndusInd Bank To Raise Rs 30,000 Crore Via Debt, Equity Mix
Mumbai: The Hinduja family-promoted IndusInd Bank's Board of Directors on Wednesday approved raising up to Rs 30,000 crore through a combination of debt and equity and allowed the promoters to nominate two board directors, as it seeks to restore confidence in its operations after the recent Rs 2,000 crore accounting lapse. The lender will raise Rs 20,000 crore through debt securities in any permitted mode on a private placement basis, or its equivalent amount in permitted foreign currencies. It will also augment the capital base via the issue of securities, including American Depository Receipts, Global Depository Receipts, and Qualified Institutional Placement, amounting to Rs 10,000 crore. The bank said after the approval of the RBI, it will make amendments in its Articles of Association to give its promoters, the Hinduja family, the right to appoint two non-executive, non-independent Directors on the bank's board. The UK-based Hinduja family, which can now nominate up to two directors on IndusInd's board, did not previously have any representation on the board. Earlier this year, IndusInd Bank made a disclosure of accounting lapses in its derivatives portfolio. The bank appointed external agencies to assess the financial impact, which was later revealed to be around Rs 2,000 crore, and to find the root cause of the accounting errors. The bank's net worth took a big hit as the misaccounting of internal derivative trades was exposed. Taking moral responsibility for the lapses, the bank's CEO, Sumath Kathpalia, resigned in April, just a day after its former deputy CEO, Arun Khurana, left the bank. The Mumbai-based private lender reported a net loss of Rs 2,328 crore for the January-March period as accounting issues and stress in the microfinance portfolio led to the balance sheet taking a hit. IndusInd's Net Interest Income (NII) or core income declined by 43.4 per cent from the same quarter last year to Rs 3,048 crore. The asset quality of the bank deteriorated on a sequential basis, with Gross NPAs rising to 3.13 per cent of total loans from 2.25 per cent in the preceding October-December quarter, while net NPAs for the quarter stood at 0.95 per cent, up from 0.68 per cent in the previous quarter.
Economic Times
23-07-2025
- Business
- Economic Times
Infosys ADRs rise 3% after IT services company reports 9% YoY increase in Q1 PAT
Infosys' American Depository Receipts (ADRs) experienced a surge of over 3% following the release of its Q1FY25 earnings. The IT services company reported a 9% YoY growth in consolidated net profit, reaching Rs 6,921 crore, with revenue from operations rising 8% YoY to Rs 42,279 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads American Depository Receipts (ADRs) of Infosys climbed over 3% on Wednesday following company's Q1FY25 earnings where the IT services company reported a 9% year-on-year (YoY) growth in its consolidated net profit at Rs 6,921 crore for the first quarter ended June. Revenue from operations rose 8% YoY to Rs 42,279 Bengaluru-based company has upped its lower end of revenue growth guidance, which is pegged at 1-3% in constant currency for results were announced after India market hours and Infosys shares settled at Rs 1,558.90 on the NSE, falling by Rs 12 or 0.76% over the Tuesday closing price even as the headline index Nifty closed with strong gains."Our performance in Q1 demonstrates the strength of our enterprise AI capabilities, the success in client consolidation decisions, and the dedication of our over 300,000 employees," said Salil Parekh, CEO and MD, in constant currency (CC) terms grew by 3.8% YoY and by 2.6% QoQ in the first quarter. The company had won deals worth $3.8 billion in the said period, of which 55% were net profit for the reporting period increased to Rs 13,055 crore as against Rs 12,138 crore in the same period of last margin for the April-June quarter stood at 20.8%, which is a decline of 0.3% YoY and decline 0.2% QoQ. The company expects the same to hover around 20-22% for the rest of wise, the dominant financial services clocked a CC growth of 5.6% YoY, while the manufacturing division rose by a healthy 12.2%. The retail growth was flat at 0.4%, and that of hi-tech business increased by a marginal 1.7%.The Life Sciences and other divisions de-grew 7.9% and 15.3% in CC terms, major Wall Street indices were trading mixed today with Dow 30 trading at 44,703.90 around 10:40 AM ET (8 pm India time), up 201.43 points 0.45%, the S&P 500 index hovered near 6,323, gaining by 13.61 or 0.22%. The Nasdaq Composite index was trading at 20,889.20, declining marginally.
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Business Standard
23-07-2025
- Business
- Business Standard
IndusInd Bank to raise Rs 30k cr; promoters get board nomination nod
Private sector lender IndusInd Bank on Wednesday said its board of directors has approved a proposal to raise Rs 30,000 crore through a combination of debt and equity. Additionally, the bank's board has allowed the promoters to nominate up to two directors on the board, subject to approval from the Reserve Bank of India (RBI) and shareholders. In an exchange notification, the bank said the board, with RBI approval, has cleared amendments to the Articles of Association empowering the promoters to collectively nominate up to two directors on the board, classified as non-executive non-independent directors, subject to shareholder approval. Currently, the promoters have no representation on the bank's board. The board comprises non-executive directors only, as both the managing director and chief executive officer (MD & CEO) and the deputy CEO resigned in April, taking responsibility for accounting lapses. The bank's promoter, Ashok Hinduja, had said in March this year—when the bank disclosed discrepancies in its derivative portfolio leading to losses of over Rs 2,000 crore—that the promoters were ready to inject capital if required. However, with the bank's capital adequacy at comfortable levels, he stressed there was no immediate need for additional capital and that the bank had not sought fresh funds. As of March 2025, IndusInd Bank reported a Capital to Risk (Weighted) Assets Ratio (CRAR) of 16.24 per cent, with Tier I at 15.10 per cent and Tier II at 1.14 per cent. In the January–March quarter (Q4FY25), the bank reported a net loss of Rs 2,329 crore after substantially increasing provisions and reversing incorrectly booked revenue and income related to discrepancies in its derivatives and microfinance portfolios. The embattled lender saw its MD & CEO Sumant Kathpalia and Deputy CEO Arun Khurana step down in April, taking responsibility for a Rs 1,960 crore loss on the derivatives portfolio. The board submitted a shortlist of three candidates to the RBI on June 30 and is awaiting approval to appoint a new MD & CEO. Meanwhile, the board approved raising Rs 20,000 crore through debt securities, either via private placement or in permitted foreign currencies, subject to approvals. An additional Rs 10,000 crore will be raised to augment capital through the issuance or placement of securities including American Depository Receipts (ADR), Global Depository Receipts (GDR), Qualified Institutional Placement (QIP), and others. Separately, the bank informed the exchanges that Jayant Deshmukh has ceased to be a non-executive independent director of the bank with effect from the close of working hours on Wednesday, July 23, 2025, upon completion of his tenure.
