India’s IndusInd Bank approves Rs. 10 billion of nonconvertible debt

By Wendy Van Sickle

Columbus, Ohio, April 7 – IndusInd Bank Ltd.’s board of directors approved an issuance of Rs. 10 billion of nonconvertible perpetual subordinated and unsecured Basel III compliant bonds on Thursday, according to a Bombay Stock Exchange notice.

The bonds will be issued via private placement at par of Rs. 1 million each.

The securities have been rated AA by Crisil Ltd. and IND AA by India Ratings & Research and will be listed on the National Stock Exchange of India Ltd.

IndusInd Bank is a private bank with headquarters in Mumbai, India.

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