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Hinduja group may invest ₹10,000cr in IndusInd Bank
June 27, 2023
The Hinduja Group is in talks to invest ₹10,000 crore to hike stake in IndusInd Bank, according to media report.
Hinduja Group is likely to increase its stake from 17 per cent to 26 per cent, reported Economic Times. The deal is likely to be completed by the second half of FY24.
On Friday, the shares of IndusInd Bank ended 2.76 per cent at ₹1,308.45 on BSE. On a year-to-date basis, the stock has gained 6.66 per cent, while it gained 58.99 per cent.
Earlier this year, RBI gave in-principle and conditional approval to IndusInd International Holdings, a Hinduja Group entity, to raise its stake in IndusInd Bank to 26 per cent.
IndusInd International Holdings has 12.58 per cent and IndusInd Ltd had 3.92 per cent as of the March quarter in IndusInd Bank.
IndusInd Bank exceeded the Street’s expectations with a standalone net profit of ₹2,040.51 crore for the quarter ended March, an increase of nearly 50% over the number of ₹1,361.37 crore from the previous year.
The lender’s net interest income totaled ₹4,669.46 crore, up 17% over the previous year.
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