IndusInd Bank to raise $100 m

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Mumbai: Private sector lender IndusInd Bank is expected infuse fresh capital between $75-100 million in the near future in a bid to raise the bank’s capital adequacy ratio to around 14%. This was stated by IndusInd Bank’s managing director and CEO Romesh Sobti while presenting the bank’s financial results for the first quarter ended June 30, 2009 on Wednesday in Mumbai.

The equity dilution of the promoters in the bank could be in range 10-15% because of this move. “The capital could be through a QIP route with few new investors participating in the proposed offer,” he said.

For the Q1, IndusInd Bank’s net profit rose by 353% to Rs Rs 86.50 crore as against Rs 19.10 crore during the corresponding period in the previous year. For the first quarter of the current fiscal, the bank’s total income too rose by around 37% to Rs 801 crore as against Rs 583 crore during the corresponding period during the previous year.