Indusind Bank share price surged nearly 3 percent in trade on March 19 after Ashok P Hinduja, Chairman of IIHL (IndusInd International Holdings Ltd) said that it is an opportune time to increase the stake in the IndusInd Bank.
"This is an opportune time as a promoter to increase stake. If this is the time at this price, we would like to increase stake," Hinduja said on the sidelines of the press conference after completion of acquisition of Reliance Capital.
Shares of Indusind Bank rose 2.83 percent to an intraday high of Rs 700.8 per share on the NSE. Later, it pared some of the gains to trade at Rs 694.5 apiece, up 1.92 percent at around 11:20 AM.
IIHL has already got the in-principal approval from the Reserve Bank of India (RBI) to increase the stake in the IndusInd Bank to 26 percent from the current 15 percent. The company is waiting for the final approval from the RBI.
"All communication responses have been given to the regulator. It is now left to the regulator when and how they will give us," Hinduja said.
Ashok Hinduja says it is 'opportune time' to increase stake in IndusInd Bank
On March 10, IndusInd Bank disclosed that it has found some discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024.
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