IndusInd Bank likely to offload 2.86% stake worth Rs 762 cr in Nippon AMC via block deal: Sources

IndusInd Bank: The private sector lender, is likely to sell up to 1.79 crore shares, or 2.86 percent equity, in Nippon AMC via block deals, CNBC-TV18 reported, quoting sources. The floor price has been set at Rs 426.60 per share, which is a 5 percent discount to Tuesday's closing price. The total offer size for the Nippon AMC stake stands at a substantial Rs 762 crore.

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IndusInd Bank is likely to sell up to 1.79 crore shares, equivalent to a 2.86% equity stake, in Nippon AMC through a block deal, CNBC-TV 18 reported on December 19 citing sources.

The floor price for the block deal has been set at Rs 426.60 per share, representing a 5% discount to the current market price.

The total offer size for the Nippon AMC stake stands at a substantial Rs 762 crore.

Emkay Global Financial bullish on IndusInd Bank has recommended buy rating on the stock with a target price of Rs 2000 in its research report dated December 19, 2023.

The private sector lender IndusInd Bank reported a net profit of Rs 2202 crore for the July-September quarter of the current financial year, up 22 percent from the year-ago period, beating market estimates of Rs 2,128 crore.

In the trading session on December 19, IndusInd Bank scrip settled at Rs 1566.55 apiece at the NSE, which was 0.66 percent or Rs 10.20 higher than the previous day's close.