IndusInd Bank’s Board of Directors approved the Rs 30,000 crore fundraising on Wednesday. The bank will raise Rs 20,000 crore via debt securities and Rs 10,000 crore through Qualified Institutional Placement, or American Depository Receipts, or Global Depository Receipts.
In an exchange filing, IndusInd Bank said that the board has approved raising Rs 20,000 crore through debt securities in any permitted mode on a private placement basis as may be decided, or its equivalent amount in permitted foreign currencies.
Further, the bank stated that the board has approved raising Rs 10,000 crore by placing securities, including American Depository Receipts, Global Depository Receipts, and Qualified Institutional Placement.
Amendment for directors’ nomination
IndusInd’s Board of Directors has approved amendments to the Articles of Association of the Bank. The amendment empowers the bank’s promoters, Hinduja Group, to nominate up to two directors on the bank’s board.
IndusInd Bank AGM
In the exchange filing, the IndusInd Bank also revealed the date for its Annual General Meeting (AGM). The bank said that its AGM will be held on August 29 at 2:00 PM at Hotel Sheraton Grand, Raja Bahadur Mill Road, Pune.