Business/Economy

Indusind Bank raises a loan of $500 million

Indusind Bank raises a loan of $500 million

IndusInd Bank this week stated in a report that it had raised a term loan for $500 million, which is approximately Rs. 3,193.75 crore, from lending bodies outside the country to expand its business.

In a regulatory filing, the domestic private sector bank has concluded the syndicated term loan facility from one group of overseas investors.

The recent fundraising, along with the funds taken during the ongoing financial year from multilateral institutions like ADB and OPIC of the US, will help the private sector bank expand its lending to clients, as per information from the Bank’s officials. It also noted that the tenor of the loan is said to be of three years and the funds will be used for general banking purposes.

IndusInd Bank had earlier in June 2017 raised $225 million, i.e., around  Rs.1,445 crore from the U.S. Government funding agency Overseas Private Investment Corporation for the purpose of lending to small and medium enterprises (SMEs).

Then again in September, the bank had raised a loan for $200 million, i.e., around Rs. 1,282 crore from the Asian Development Bank to compensate the low-income women borrowers from rural areas of the country.

The shares of the bank traded at about Rs. 1,642 a piece on the BSE, thus, making a downward trend of 0.51 per cent from the previous amount.