IndusInd selling shares to raise up to $360 mln - sources

Last Updated: Mon, Nov 26, 2012 16:50 hrs

MUMBAI (Reuters) - IndusInd Bank late on Monday launched a share sale to raise up to $360 million, two sources with direct knowledge of the deal said, as it looks to boost its capital base.

The share sale to institutional investors was launched at a floor price of about 374 rupees a share, said the sources, declining to be named as they were not authorised to speak to the media. Shares in IndusInd, a private sector lender, ended 2.7 percent higher on Monday at 384.35 rupees.

Last month, IndusInd Bank picked Morgan Stanley , brokerage CLSA and local investment bank JM Financial Ltd to manage the share offering.

Many Indian companies are finalising share offering plans, enthused by a 20 percent surge in the BSE Sensex so far this year, sources have said.

Total proceeds from share sales in India in the first nine months of 2012 were $8.9 billion from 59 deals, a rise from $8.3 billion in the same period last year, according to Thomson Reuters data.

(Reporting by Sumeet Chatterjee; Editing by Tony Munroe)

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