IndusInd board OKs $1 billion note program, Rs. 30 billion debentures

By Sarah Lizee

Olympia, Wash., Feb. 13 – India’s IndusInd Bank Ltd. informed the Bombay Stock Exchange that its board of directors met on Wednesday and approved the establishment of a $1 billion medium-term note program, as well as a proposal to raise up to Rs. 30 billion of Basel 3 compliant debentures.

The debentures, which would have a face value of Rs. 10,000 each, may be additional tier 1 capital and subordinated unsecured tier 2 capital.

The debentures may be issued in one or more tranches on a private placement basis.

The bank is based in Mumbai.

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