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

IndusInd International Holdings Limited (IIHL) — promoter of IndusInd Bank — said that its board approved an appraisal of up to $1.5 billion, thus increasing its stake in IndusInd Bank to 26 percent from the current 15 percent.

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Shares of IndusInd Bank rose over a percent on July 4, reaching a 52-week high of Rs 1,393.65, after receiving board approval for the promoter to increase its stake.

On Monday, IndusInd International Holdings Limited (IIHL) — promoter of IndusInd Bank — said that its board approved an appraisal of up to $1.5 billion, thus increasing its stake in IndusInd Bank to 26 percent from the current 15 percent. This will help fund the acquisition of Reliance Capital. With this, shares of IndusInd Bank were trading 0.6 percent higher at Rs 1,387.95 on the BSE.

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This strategic decision allows IIHL to explore numerous opportunities for expanding its business in India and other global regions, specifically in the BFSI sector. IIHL’s ambitions will not face any limitations in terms of capital, as raising funds is not a concern.

IIHL stated that global sovereign and private equity funds have shown interest in joining IIHL’s growth journey. The company plans to go public next year, providing trading opportunities for long-standing shareholders who have been with the company for over 30 years.

Additionally, IIHL has recently acquired a majority stake in a bank located in the Commonwealth of The Bahamas. It has also obtained in-principle approval for a banking license in Mauritius, exploring options to establish a new bank or pursue acquisitions. Furthermore, the company is actively pursuing the acquisition of Asset Management and Wealth Management businesses to complement its existing BFSI suite.

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