As on December 31, 2022, IndusInd International Holdings held 12.58 per cent and IndusInd Limited held 3.92 per cent, according to stock exchange disclosures.
The Reserve Bank of India (RBI) has given in-principle and conditional approval to Hinduja Group's unit IndusInd International Holdings Limited to increase its stake in IndusInd Bank. As a result, the Hinduja Group will invest over $1 billion in the lender. The promoter's stake in the bank is 16.51 per cent.
As on December 31, 2022, IndusInd International Holdings held 12.58 per cent and IndusInd Limited held 3.92 per cent, according to stock exchange disclosures. In media reports, sources said that Hinduja Group may need to infuse Rs 10,000-11,000 crore ($1.2-1.3 billion) to increase its stake in the bank.
IndusInd Bank shares rise
Shares of IndusInd Bank closed at Rs 1,075, up 3.25 per cent, on the Bombay Stock Exchange with a market cap of Rs 83,388 crore. On Friday also, the bank's stock is seeing a gain of 2.56 per cent and is trading at Rs 1,103.40. No official statement has come out from Hinduja Group, IndusInd Bank and RBI.
The business of the Hinduja family extends to the banking, chemical, information technology and health sectors. Ashok Hinduja, chairman of the Hinduja Group of Companies (India), said in an interview in November 2021 that the promoters would increase their stake to 26 per cent in phases after getting the central bank's approval.
Rules were changed in 2021
In November 2021, the RBI allowed promoters to increase their stake from 15 per cent to 26 per cent, following the recommendation of an internal working group to review the ownership guidelines and corporate structure of Indian private sector banks. After this there was a legal battle between Kotak Mahindra Bank promoter Uday Kotak and RBI.
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