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Last Updated : Jul 24, 2020 02:04 PM IST | Source: Moneycontrol.com

IndusInd Bank shares gain 4% as Route One gets RBI nod to raise stake

Route One Investment Company LP, USA (ROIC) is an existing investor, holding approximately 4.96 percent of the issued and subscribed capital of the bank.

 
 
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Shares of IndusInd Bank gained more than 4 percent intraday on July 24 after the Reserve Bank of India granted approval to an existing investor, Route One, to increase stake in the private sector lender.

Route One Investment Company LP, USA (ROIC) is an existing investor, holding approximately 4.96 percent of the issued and subscribed capital of the bank.

ROIC has approached the Reserve Bank of India seeking a prior approval to increase their stake in the bank upto 10 percent.

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"Basis reference from RBI, the board of directors of the Bank, on July 5, granted its approval to the proposed acquisition of Route One Investment Company, LP in our Bank," IndusInd Bank said in its BSE filing.

"RBI has forwarded the Bank a copy of the letter addressed to ROIC, granting approval for increasing their shareholding up to 10 percent of the paid-up voting equity capital of the bank," it added.

The stock has been rangebound around Rs 500 levels for more than a month now. At 13:24 hours IST, it was trading at Rs 525.50, up 2.25 percent on the BSE.
First Published on Jul 24, 2020 02:04 pm
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