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 must be placed with a maximum of 49 accounts and as of late last night, the price still hadn’t been formally confirmed.

However, the deal attracted a lot of interest and sources...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222