IndusInd Bank eyeing to raise Rs 400-500 crore via Tier-2 capital

IndusInd Bank is eyeing to raise Rs 400-500 crore via Tier-2 capital by end of September or beginning of October to meet its capital adequacy needs.

Recently, IndusInd Bank had entered into a memorandum of understanding (MoU) with Indian Army for issuing Salary Accounts to personnel of all ranks of the Indian Army. The MoU was signed by General SP Kochhar, AVSM, SM, VSM, AG’s Branch, the Indian Army and Sumant Kathpalia, Head Consumer Banking, IndusInd Bank.

The bank’s net profit for the quarter ended June 30, 2011 has surged by 51.99% at Rs 180.18 crore as compared to Rs 118.55 crore for the quarter ended June 30, 2010. Its total Income has increased by 47.99% at Rs 1379.98 crore for the quarter under review from Rs 932.5 crore for the quarter ended June 30, 2010.