IndusInd Bank to mull raising funds via equities on July 28

Mumbai, July 26 (IANS) The Board of IndusInd Bank will on Tuesday, July 28, consider raising funds through equity shares on a preferential basis.In a regulatory filing on Saturday, the bank said that if required the board would also consider convening an extraordinary general meeting or a postal ballot process to seek approval of the shareholders in respect of the proposal of fundraising.The board, on Tuesday, would "consider fund raising by way of issue of equity shares on a preferential basis, in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013, as amended, subject to such regulatory/statutory approvals as may be required," it said.Several banks, both public and private are looking at raising funds of late.In its meeting on Tuesday, the IndusInd Bank's Board would also consider and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2020.The bank on Friday had informed the exchanges that US-based hedge fund Route One Investment Company has received Reserve Bank of India's (RBI) approval to raise its stake to 10 per cent from its current stake of 4.96 per cent.
--IANS rrb/sn/skp/