On Wednesday, private lender IndusInd Bank had approved the allotment of 4.76 crores of equity shares to qualified institutional buyers (QIB).

The bank in the regulatory filing said that the Finance Committee of the Board of Directors of the Bank had approved the allotment of 4.76 crores of equity shares for Rs 524 per share on a preferential basis, for an aggregate amount of Rs 2495.79 crore.

The allottees buying equity shares in the preferential issue includes ICICI Prudential Life Insurance Company, AIA Company Ltd., Route One Offshore Masters Fund, Route One Fund I, L.P. and Tata Investment Corporation Ltd. The bank had decided to allot ICICI Prudential Life Insurance Company 16.22 million shares, AIA Company Ltd to 7.8 million shares, Route One Offshore Masters Fund 10.69 million shares, Route One Fund I, L.P. to 7.16 million and, Tata Investment Corporation Ltd. to be allotted 5.72 million shares.

On BSE, Shares of IndusInd Bank gained 2.08% to close at Rs 640.75, while on Sensex it gained 0.48% to close at 39,086.03 points.

Shares of IndusInd Bank gained 2.08% to close at Rs 640.75 on BSE, while the benchmark index, Sensex gained 0.48% to close at 39,086.03 points.