Indusind Bank shares jump over 7%.

Shubham Jaiswal ([email protected])

Indusind Bank shares on Wednesday jumped over 7% after the private sector lender announced a Rs3,288 crore fund-raising plans.

On the NSEIndusind Bank stock gained 7.17% to Rs564.75. And it surged by 6.99% to Rs563.75 on the BSE. The stock was the top gainer in the Sensex and Nifty pack during morning trade.

India’s fifth largest private sector lender on Tuesday announced that its board has approved a Rs3,288 crore fund-raising plans through a preferential issue. This is the first time in a over four years that the bank would be raising the funds.

Under the proposed fund-raising plan, Indusind Bank will allot 6.275 crore equity shares at a price of Rs524 per share to a set of marquee investors, and the promoters, subject to shareholders and other necessary approvals.

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