IndusInd selling shares to raise up to $360 mln - sources

MUMBAI Mon Nov 26, 2012 10:12pm IST

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MUMBAI (Reuters) - IndusInd Bank (INBK.NS) late on Monday launched a share sale to raise up to $360 million, two sources with direct knowledge of the deal said, as it looks to boost its capital base.

The share sale to institutional investors was launched at a floor price of about 374 rupees a share, said the sources, declining to be named as they were not authorised to speak to the media. Shares in IndusInd, a private sector lender, ended 2.7 percent higher on Monday at 384.35 rupees.

Last month, IndusInd Bank picked Morgan Stanley (MS.N), brokerage CLSA and local investment bank JM Financial Ltd (JMSH.NS) to manage the share offering.

Many Indian companies are finalising share offering plans, enthused by a 20 percent surge in the BSE Sensex so far this year, sources have said.

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.

(Reporting by Sumeet Chatterjee; Editing by Tony Munroe)

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