IndusInd bank’s promoter, IIHL, approves capital raising of $1.5bln

IndusInd bank’s promoter, IIHL, approves capital raising of $1.5bln

Increase its shareholding in IndusInd Bank to 26% from the current 15% IIHL to seek global opportunities in BFSI space Dubai/Port Louis, Mauritius – IndusInd International Holdings Limited (IIHL), the promoter of IndusInd Bank with a large shareholder base in the UAE, took the strategic decision to expand its business horizon in India and other global geographies, in the BFSI sector. Chairman of IIHL, Mr Ashok P. Hinduja said, “ This strategic decision opens boundless opportunities to expand IIHL’s business horizon in India and other global geographies, in the BFSI sector. IIHL’s aspirations will not be capital constrained as raising capital for IIHL is not an issue at all” . The Board also approved the capital raising of up to USD 1.5 billion to meet its twin strategic objectives. The capital raise will pave the way for more acquisitions across geographies, including in the GCC countries with particular focus on the UAE. “We are open to opportunities in the UAE to grow our BFSI presence with the country’s strong economic growth catalysing business potential,” said Mr. Ashok Hinduja. The first objective of the capital raising is to increase its promoter shareholding in IndusInd Bank from the current 15% to the