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IndusInd share price rises as bank denies merger reports

The promoter has positively intervened to support and improve the financial position of the bank and would continue to support its initiatives to grow inorganically, the bank said in a BSE filing.

October 26, 2020 / 06:56 PM IST

The share price of IndusInd Bank jumped more than 4 percent in intraday trade on BSE on October 26 after the private lender denied reports of its merger.

"The promoter of Indusind Bank, IndusInd International Holdings Limited (IIHL), completely denies the said rumour and considers it malicious, untrue and baseless," the bank said in a BSE filing on October 26.

"IIHL is promoted by the Hindujas and a broad base of other successful NRIs from the overseas Indian diaspora. They reiterate their full support to the IndusInd Bank, now and always," the BSE filing added.

While IndusInd Bank did not clearly mention which media reports it had referred to, some media reports said that Kotak Mahindra Bank was exploring the option of a takeover of IndusInd Bank.