Financial Daily from THE HINDU group of publications
Wednesday, Mar 17, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 17, 2004 |
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Private Banks Money & Banking - Foreign Direct Investment First off the block after FDI cap hike — Hindujas seek nod to hike holding in IndusInd Ambarish Mukherjee
New Delhi , March 16 WITH the Union Cabinet permitting up to 74 per cent foreign direct investment (FDI) in the banking sector from January this year, the Hindujas are the first to take advantage, having approached the Government to increase FDI holding in IndusInd Bank. The increase in foreign equity stake will be through buying from the secondary market.Three Mauritius-based investment outfits of the Hindujas — IndusInd International Holding Private Ltd (IIHPL), De Five Mauritius Holding Ltd and IndusInd Ltd, Mauritius — currently have a combined stake of 41.32 per cent in the bank. However, the total FDI holding in the bank's equity currently stands at 52.44 per cent as a result of the amalgamation of IndusInd Enterprises and Finance Ltd(IIFL) with the bank earlier this year as IIHPL held 51 per cent stake in IIFL. The company has now sought permission from the Foreign Investment Promotion Board to increase FDI holding by a further 7.68 per cent to 60.12 per cent. As per the plans, the three Mauritius-based outfits, which are the current promoters of the bank, will buy from the secondary market. According to available data, FIIs hold a 5.57 per cent stake in the bank while domestic banks, financial institutions and insurance companies together hold 1.47 per cent. Another 6.04 per cent of the bank's equity is held by NRIs and OCBs while private corporate bodies hold 11.21 per cent, which includes Hinduja outfits like Ashok Leyland and Hinduja TMT. The remaining 33.34 per cent is held by the general public. On Tuesday, IndusInd Bank closed at Rs 34.95 on the BSE and at Rs 34.80 on the NSE.
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