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.
Government’s ambitious ‘Startup India’ campaign is essentially geared towards promoting the entrepreneur
IndusInd Bank Ltd. is engaged in providing commercial banking services. It offers corporate banking, retail banking, treasury and foreign exchange, investment banking, non-resident Indian (NRI) / high net worth individual (HNI) banking and capital market services to consumer and corporate customers. The firm also provides multi-channel facilities including automated teller machine (ATMs), net banking, mobile banking, phone banking, multi-city banking and international debit cards. The company was founded in 1994 and is based in Mumbai, Maharashtra with an additional office in Pune.
Morgan Stanley is an investment banking firm. It services include wealth management that includes cash management and lending solutions, institutional consulting, estate planning and wealth transfer; investment banking services focusing on mergers and acquisitions; and global capital market. The firm also offers investment strategies, access to banking services, philanthropy, investment solutions, private wealth management, sales and trading, investment banking, investment management, research prime, brokerage and institutional consulting services. The company was founded in 1935 and is based in New York, United States of America.
- Fidelity joins Morgan Stanley in slashing Flipkart’s valuation to $5.6 bn
- Five key developments that will shape Indian economy this year
- Vanguard trims stake value in Flipkart again
- Morgan Stanley slashes Flipkart valuation to $5.57 bn
- Are foreign I-banks losing out in the Indian IPO rush?
- Fidelity, Valic mark down Flipkart’s valuation again
CLSA Private Equity Management Ltd. is a private equity arm of CLSA Ltd. with $3 billion assets under management. It provides growth and mezzanine capital to companies operating in Asian mid-market. The firm seeks to invest in consumer products, food processing, education, logistics and distribution, healthcare, manufacturing, technology, finance and service sectors. It typically invests between $10 million and $60 million in its portfolio companies. The company was founded in 1995 and is based in Mumbai, Maharashtra with additional offices at Hong Kong, Singapore, Tokyo, Beijing, Shanghai, Sydney and Seoul.
- Logistics firm Holisol raises $10M from CLSA Capital Partners
- CLSA Capital invests $10M to buy stake in diaper maker Nobel Hygiene
- Multiples along with CLSA Capital Partners invests $16M in Luminous Water Tech
- CLSA Capital Partners invests $9.2M in SAR Group's Luminous Water Technologies
- CLSA PE to acquire 19.6% stake in Camson Bio Technologies for $10M