IndusInd Bank promoters to buy more shares from open market

IndusInd Bank promoters to buy more shares from open market

Promoters of IndusInd Bank are set to increase their stake in the bank by purchasing additional shares from the open market.

In a regulatory filing, the bank informed the exchanges about the decision of the promoters.

The promoters — IndusInd Bank International Holding Ltd and IndusInd Ltd — currently hold 14.68 per cent of the paid up share capital of the bank.

In a communication to the bank’s MD and CEO Sumant Kathpalia, the promoters said: “We have to inform that we shall now purchase additional shares from open market in India, within the overall regulatory promoter equity holding cap.”

The regulatory cap for promoter shareholding in private banks stands at 15 per cent.

In April, the Hinduja family-backed IndusInd Bank had also said that its promoters have sought Reserve Bank of India’s (RBI) approval for increasing their permissible holding to 26 per cent.

Following the latest announcement, shares of the bank surged on Monday and around 12.05 p.m., its shares on the BSE were trading at Rs 461.50, higher by Rs 38.95 or 9.22 per cent from the previous close.

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