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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IndusInd raises Rs 11,000 crore via CDs in confidence boost
IndusInd Bank raised ₹11,000 crore selling certificates of deposit (CDs) on Monday, as the lender moved to shore up its funding position amid deposit withdrawals after it revealed a ₹2,000 crore accounting discrepancy in its derivatives book.
The fundraising suggests a likely return of investor confidence in the bank after the Reserve Bank of India on Saturday said the private lender has sufficient capital despite a likely hit on its net worth.
The bank issued CDs across six maturities spread across three months to one year. These CDs were priced in the range of 7.80-7.90%, according to data available at Clearing Corporation of India (CCIL).
Although the bank raised money at a slightly higher rate compared with its peers, the fact that it mobilised ₹11,000 crore on a single day indicated that investors have drawn comfort from the RBI's assurance that the «bank is well-capitalised» and its financial position «remains satisfactory», market experts said.
The statement from the RBI came in the backdrop of a 27% fall in the bank's share price Tuesday, a day after the Hinduja Group-promoted lender revealed that accounting lapses in the derivative books could impact its net worth by 2.3% as of December 31, 2024.
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The fundraising has also allayed investors' concerns about IndusInd's ability to raise funds, given that nearly 50.8% of the promoter's stake has been pledged. The Hinduja Group has a 16.29% stake in the bank.
The quantum of CDs raised by IndusInd was more than 40% of the total CDs raised by all
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