NEW DELHI, July 29: Shares of Indusind Bank on Wednesday gained over 7 per cent after the lender announced a Rs 3,288-crore capital raising plan – first in four years – through preferential allotment route.
The stock rose by 6.99 per cent to Rs 563.75 on the BSE.
At the NSE, it jumped 7.17 per cent to Rs 564.75.
It was the top gainer in the Sensex and Nifty pack during morning trade.
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.
The Hinduja Group-promoted Indusind 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 is the bottomline numbers 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. (PTI)
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