IndusInd Bank hits 52-week high as promoter plans stake increase to 26% from 15%

IndusInd Bank hits 52-week high:
IndusInd Bank hits 52-week high:

by Tanushree Jaiswal Last Updated: Jul 04, 2023 - 06:52 pm 290 Views

IndusInd Bank's Stock Hits New 52-Week High at ₹1,394. The increase came after the announcement that its promoter, IndusInd International Holdings Limited (IIHL), received approval from its board to increase its ownership in the bank.

IIHL, the main shareholder of IndusInd Bank, revealed on Monday that its board approved an assessment of up to $1.5 billion, allowing it to increase its ownership from the current 15% to 26%.

This move aims to facilitate the acquisition of Reliance Capital. In response to the news, IndusInd Bank's shares saw a 0.6% increase, trading at ₹1,387.95 on the Bombay Stock Exchange (BSE). With this strategic development, IIHL intends to explore opportunities to expand its presence in the Indian and global markets, particularly in the banking, financial services, and insurance (BFSI) sector. IIHL is confident that raising capital will not be an issue for its ambitious plans.

IIHL also stated that several global sovereign and private equity funds have shown interest in joining its growth journey. The company plans to go public next year, which will provide trading opportunities for long-standing shareholders who have been invested in the company for over three decades.

Furthermore, IIHL recently acquired a controlling stake in a bank in the Commonwealth of The Bahamas. It has also obtained preliminary approval for a banking license in Mauritius, considering the establishment of a new bank or potential acquisitions. Additionally, the company is actively pursuing the acquisition of Asset Management and Wealth Management businesses to complement its existing suite of BFSI services.

With IIHL's increased ownership and its robust expansion strategy, IndusInd Bank is poised for further growth and aims to capitalize on emerging opportunities in the BFSI sector. Investors are closely monitoring the unfolding developments, expecting promising prospects for both IIHL and IndusInd Bank.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


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