Date:21/04/2005 URL: http://www.thehindubusinessline.com/2005/04/21/stories/2005042101501000.htm

Back IndusInd Bank may raise more funds

Our Bureau

Mumbai , April 20

INDUSIND Bank, which has recently raised Rs 170 crore through a bond issue, plans to source more funds. The bank had mobilised Rs 170 crore in its tier-II bond issued in March.

"Even after this issue, we still have scope to raise more tier-II funds. We will explore that option as and when we need further capital," Mr Bhaskar Ghose, Managing Director and Chief Executive Officer of IndusInd, stated in a news release.

The issue is listed on the wholesale debt market ) segment of NSE and is rated by ICRA (LA+) and Fitch [A+ (ind)].

The privately placed, unsecured, redeemable, non-convertible subordinated bonds offer three options, with 63-month (coupon rate of 8.1 per cent a year) and 111-month (coupon rate of 8.5 per cent ) maturity periods.

The issue is to augment IndusInd Bank's capital for further asset expansion and the implementation of Basel-II norms. A.K. Capital Services acted as the sole arranger to the issue.