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IndusInd Bank to issue 20B rupees of Basel III-compliant bonds

India-based IndusInd Bank Ltd. plans to raise 20 billion rupees by issuing Basel III-compliant bonds.

The bank said March 18 that the nonconvertible, perpetual, subordinated and unsecured debentures will qualify as Additional Tier 1 capital. The issuance will have a base size of 10 billion rupees, with a green-shoe option to retain oversubscription of up to 10 billion rupees.

The issuance is subject to regulatory approvals. The debentures will be listed on the National Stock Exchange of India.

As of March 18, US$1 was equivalent to 68.62 Indian rupees.