According to market sources, IndusInd Bank Ltd is likely in discussions with strategic investors including Japan's Nippon Life to raise more than $500 million to shore up its balance sheet. However, there has been no confirmation from either company on this front. IndusInd has been trying for some time now to tap private equity (PE) investors as well as pension funds and sovereign investors for an equity stake. IndusInd has also been in talks with Canadian Pension Fund as well as GIC, Singapore for a stake sale. These are among two of the most formidable investors in India. Since PE funds and sovereign funds did not show too much of interest in a beleaguered bank, IndusInd is now in touch with other players like Nippon Life, which can also benefit from the distribution strengths of IndusInd. Its gross NPAs are still manageable at around 2.5%.