Indusind Bank
Indusind Bank
@ians_india (twitter)

New Delhi: Shares of IndusInd Bank on Wednesday gained over 4 per cent after the lender announced a Rs 3,288-crore capital raising plan - first in four years - through preferential allotment route.

The stock closed 4.54 per cent higher at Rs 550.80 on the BSE. During the day, it rose 6.99 per cent to Rs 563.75.

On the NSE, it gained 3.04 per cent to close at Rs 543 after rising 7.17 per cent to Rs 564.75 during the day.

It was the top gainer in the Sensex pack.

In traded volume terms, 22.32 lakh shares were traded on the BSE and 3.70 crore shares on the NSE during the day.

Under the proposed issue, the bank will allot 6.275 crore equity shares at a price of Rs 524 per share to a set of marquee investors and the promoters, subject to shareholders and other necessary approvals.

Meanwhile, the Hinduja Group-promoted bank on Tuesday reported 67.8 per cent decline in net profit to Rs 460.64 crore in the June quarter, driven down by a five-fold increase in provisions for bad loans and special capital allocations for the pandemic.

The bank had posted a net profit of Rs 1,432.50 crore in the same quarter previous fiscal.

The massive fall in the bottom line numbers is in spite of the private sector lender clocking a 16.4 per cent growth in net interest income to Rs 3,309.2 crore, aided by a marginal increase in net interest margin to 4.28 per cent from 4.25 per cent in the reporting quarter.

Total income inched up to Rs 8,682 crore from Rs 8,625 crore, while total expenses came down to Rs 5,754 crore from Rs 6,034 crore.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal