The group, which currently has 15.6 percent stake in IndusInd bank, is looking to increase the stake to 26 percent
Before the increase in stake, the promoters will have to meet certain conditions before submitting the application to the regulator, according to the sources.
The Hinduja Group is set to increase its stake in IndusInd Bank to 26 percent from the existing 16.51 percent, CNBC-TV18 reported on February 2 citing sources.
IndusInd International Holdings Limited, promoter of IndusInd Bank, is preparing the application for the process and will further submit the same to the Reserve Bank of India (RBI), sources said.
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Presently, the promoters are in the process of infusing capital in the private sector lender and before the increase in stake, they will have to meet certain conditions before submitting the application to the regulator, according to the sources.
This will be the first stake hike in IndusInd Bank after RBI’s revised guidelines on private bank ownerships which were launched in November 2021.
Last month, the bank reported 58 percent growth in its consolidated net profit for the quarter ending December 2022 to Rs 1,963.54 crore, beating street expectations by a mile.
The average estimate of five brokerages polled had pegged the net profit for the private sector lender at Rs 1,836 crore for the reported quarter. The lender had reported a net profit of Rs 1,241.39 crore in the corresponding quarter a year back.
