IndusInd Bank Ltd., hired arrangers including Citic CLSA Securities, Morgan Stanley and JM Financial Ltd. for an institutional share sale that could raise about $750 million, people with knowledge of the matter said.
The lender, backed by the billionaire Hinduja brothers, is also working with Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. on the offering, the people said. The bank may start the sale as soon as in the next few weeks, they said, asking not to be identified as the information is private.
The bank is seeking shareholder approval to sell as many as 60 million new shares, according to an exchange filing last month. The stock would be valued at about $771 million based on Wednesday’s closing price, data compiled by Bloomberg show.
IndusInd Bank last sold shares in 2012, when it raised 20 billion rupees ($313 million) from a placement to institutional investors, data compiled by Bloomberg show. Its capital adequacy ratio, which measures a lender’s financial strength, fell to 12.09 percent in March, from 13.83 percent a year earlier, exchange filings show.
The lender declined to comment in an e-mailed statement.