On Friday, Indusland Bank has approved a prefential equity issue of up to 1.5 percent to its promoters IIHL for the purpose of ensuring their holding doesn’t fall below 15 percent. The bank is planning to raise Rs 4,800 crore through QIP route.

In a filing to BSE it said that, the bank’s board approved a preferential allotment of equity shares to promoters IndusInd International Holdings (IIHL), a Hinduja Group company, of up to 1.5 percent of the authorised equity share capital.

It added, this is being done to ensure the aggregate holding of the promoters is retained at 15 percent after the proposed share sale.

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