Hinduja-Backed IndusInd Bank Seeks $3.5 Billion Fundraising

IndusInd Bank Ltd. is seeking to raise as much as 300 billion rupees ($3.5 billion) as the Indian lender backed by the billionaire Hinduja family seeks to navigate the fallout from a suspected fraud and a spate of senior executive departures.

The bank approved a proposal to raise the funds via a sale of shares and debt securities, according to a stock exchange filing on Wednesday. It didn’t provide a reason for the capital raising, which includes 200 billion rupees through debt while the remainder is via equity. This includes a sale of shares to qualified investors or depository receipts.