BackIndusInd Bank to raise Rs2,000 crore via infra bonds, NCDs
The proceeds will be used to finance bank's incremental lending for infrastructure and affordable housing
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New Delhi: Private sector lender IndusInd Bank will issue long-term infrastructure bonds or non-convertible debentures on private placement basis to raise about ₹ 2,000 crore.
“The board of directors ... approved the proposal of borrowings/raising funds in Indian currency by issue of long-term infrastructure bonds/subordinated non-convertible debentures in domestic market, on private placement basis, in one or more tranches, for an amount not exceeding ₹ 2,000 crore," the bank said in a filing to the BSE.
The proceeds will be used to finance bank’s incremental lending for infrastructure and affordable housing, it said. The debt raised, to be added both as tier-I and tier-II capital, by the bank has a maturity period of seven years. These bonds may carry a coupon at a fixed rate or at a floating rate, it added.
IndusInd Bank scrip closed at ₹ 856.15 apiece on BSE, down 0.89% over previous close.
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