Indusind Bank to raise Rs. 600 crore via preferential allotment India Infoline News Service

The Board of Directors of the Bank have authorised Finance Committee of Board / Managing Director and/or Company Secretary and / or Chief Financial Officer on behalf of the Board to finalise the notice to shareholders and explanatory statement for obtaining consent of the members of the Bank to the Preferential Allotment 

Indusind Bank Ltd has informed BSE that, pursuant to the approval by the shareholders through postal ballot on June 08, 2015 for issuing equity shares up to 10% of the Authorised Equity Share Capital of the Bank ("Shareholders Approval"), the Board of Directors of the Bank, at their meeting held on June 11, 2015 have approved Preferential Allotment of Equity Shares under chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009, as amended to Promoters of the Bank up to 1.5% of the Authorised Equity Share Capital of the Bank of Rs. 600 crores ("Preferential Allotment"), so that post any other issue of equity shares that the Bank may do pursuant to the Shareholders Approval and the Preferential Allotment, the aggregate holding of the Promoters i.e. IIHL and its subsidiary is retained at 15% and have proposed to seek approval of the Reserve Bank of India and shareholders of the Bank for the same.

The Board of Directors of the Bank have authorised Finance Committee of Board / Managing Director and/or Company Secretary and / or Chief Financial Officer on behalf of the Board to finalise the notice to shareholders and explanatory statement for obtaining consent of the members of the Bank to the Preferential Allotment and to do all such acts, deeds, matters and things as may at its sole and absolute discretion deem fit, necessary, desirable incidental or expedient for such purpose, to give effect to this resolution.