IndusInd picks banks for up to $300M share sale
IndusInd Bank has picked three banks including Morgan Stanley and Asia-Pacific brokerage CLSA for a sale of shares that could raise between $250 million and $300 million, two sources with direct knowledge of the matter said.
The private sector lender has also hired local investment bank JM Financial Ltd for the sale to institutional investors, said the sources, declining to be named as they were not authorised to speak to the media.
The issue is likely to be launched early next year, and the proceeds will be used by IndusInd to boost its balance sheet, one of the sources told Reuters.
A spokesman for IndusInd, which has a market value of more than $3 billion, did not respond to an email seeking comment.
Many Indian companies are finalising their share offering plans, enthused by a 20 per cent surge in the main Mumbai index .BSESN so far this year and as the receding worries about the European Union debt crisis boost appetite for equities.
Total proceeds from share sales in India in the first nine months of 2012 were $8.9 billion from 59 deals, a rise from $8.3 billion in the same period last year, according to Thomson Reuters data.