Date:26/06/2007 URL: http://www.thehindu.com/2007/06/26/stories/2007062650891800.htm

Business - Briefly

IndusInd Bank to raise up to Rs. 400 cr.

NEW DELHI: IndusInd Bank plans to raise up to Rs. 400 crore through the issue of bonds during the current fiscal to meet its credit needs. “We have headroom to raise up to Rs. 400 crore through Tier-II bonds in 2007-08,” IndusInd Bank Executive Vice-President, J. Moses Harding, told reporters here on Monday. Meanwhile, the bank signed an agreement with the U.S.-based Wachovia Bank for $50 million (Rs. 200 crore) line of credit.