India’s IndusInd Bank raises $351 million from QIP

The deal triggers additional buying in the open market, pushing the stock to a new 12-month high in the wake of the transaction.

IndusInd Bank, a private sector bank in India, will raise Rs19.54 billion $351 million from a qualified institutional placement QIP after sources said the price would be fixed at the bottom of the range.

The deal was launched at about midnight Hong Kong time on Monday and completed before the opening of Indian trading yesterday morning, although as is usually the case with Indian QIPs the allocations took a long time the deal...

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