IndusInd Bank raises $500 million from overseas lenders

IndusInd Bank today said it has raised USD 500 million (about Rs 3,193.75 crore) term loan from overseas lending bodies to expand its business.

The private sector bank has concluded the syndicated term loan facility from a group of overseas investors, it said in a regulatory filing.

The fundraising, along with the funds raised during the ongoing financial year from multilateral institutions ADB and OPIC, will help the bank expand its lending to clients, it said.

The tenor of the loan is for three years and will be used for general banking purposes, it added.

Earlier in June, IndusInd Bank had raised USD 225 million (about Rs 1,445 crore) from the US government funding agency Overseas Private Investment Corporation (OPIC) for lending to small and medium enterprises.

And in September, the bank had raised USD 200 million (about Rs 1,282 crore) loan from Asian Development Bank (ADB) to serve low-income women borrowers in rural areas.

Stock of the bank traded at Rs 1,641.80 a piece on BSE, down 0.51 per cent from previous close.