Private sector lender IndusInd Bank successfully closed its qualified institutional placement (QIP) transaction by raising Rs 2,000 crore ($369.1 million). The bank issued 52.1 million new shares, comprising of 9.98% of its post-issue share capital, to investors at a price of Rs 384 per share. The QIP issue launched on November 26, 2012. The transaction was done at a 2.7% premium to the floor price of Rs 374.05, discovered using SEBI pricing formula. The funds raised will be used to support its growth and augment its capital adequacy ratio (CAR).
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