IndusInd Bank raises $500 million from overseas lenders
New Delhi: IndusInd Bank on Monday said it has raised $500 million (about Rs3,193.75 crore) term loan from overseas lending bodies to expand its business.
The private sector bank has concluded the syndicated term loan facility from a group of overseas investors, it said in a regulatory filing. The fundraising, along with the funds raised during the ongoing financial year from multilateral institutions Asian Development Bank (ADB) and Overseas Private Investment Corporation (OPIC), will help the bank expand its lending to clients, it said.
The tenor of the loan is for three years and will be used for general banking purposes, it added. Earlier in June, IndusInd Bank had raised $225 million (about Rs1,445 crore) from the US government funding agency OPIC for lending to small and medium enterprises.
And in September, the bank had raised $200 million (about Rs1,282 crore) loan from Asian Development Bank (ADB) to serve low-income women borrowers in rural areas. Stock of the bank traded at Rs1,641.80 a piece on BSE, down 0.51% from previous close.