Hinduja Group gets approval for increasing stake in IndusInd Bank

  • India Infoline News Service |
  • 03 Feb, 2023 |
  • 10:43 AM
  • Hinduja Group will increase its stake to 26%.

The Reserve Bank of India (RBI) has given IndusInd International Holdings Ltd, a Hinduja Group entity, in-principle and conditional approval to increase its stake in IndusInd Bank to 26%, according to sources familiar with the development.

As per the sources, the Hinduja Group will invest more than $1 billion in the lender.

According to a stock exchange disclosure, the promoter holding in the bank is 16.51% - IndusInd International Holdings had 12.58% and IndusInd Ltd had 3.92% on December 31, 2022. 'Hinduja Group may need to invest Rs10,000-11,000 crore ($1.2-1.3 billion) to increase its stake in the bank. They could inject funds by issuing preferential shares, ' said the aforementioned individual.

In a November 2021 interview with ET, Ashok Hinduja, chairman of the Hinduja Group of Companies (India), stated that the promoters would increase their stakes in multiple tranches to 26% once they received central bank approval.

Following the recommendation of an internal working group to review ownership guidelines and corporate structure pertaining to Indian private sector banks, the RBI allowed promoters to increase their stakes to 26% from 15% in November 2021.

At around 10.38 AM, IndusInd Bank was trading 2.49% higher at Rs1,102.65 apiece, against the previous close of Rs1,075.90 on NSE. The counter touched an intraday high and low of Rs1,131 and Rs1,099.05 respectively.

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