The three years of long wait is said to have ended for the Hindujas. As the promoter of IndusInd Bank, IndusInd International Holdings Limited is said to have received a go-ahead from the banking regulator to increase its stake in the bank to 26 per cent from the current 15.16 per cent.
Sources with knowledge of the matter say a formal approval from the Reserve Bank of India is also in place.
The go-ahead given by the regulator is in-line with newly introduced Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023, making IndusInd Bank, the first instance of its promoter increasing its shareholding to 26 per cent. The directions were issued on January 16, 2023, replacing the earlier guidelines, which capped the promoters’ voting rights in a bank at 15 per cent.
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Accordingly, the Hindujas are likely to deploy ₹ 8,000–10,000 crore to increase their shareholding in the bank. According to sources, the promoters are pooling in the required capital and the exercise may conclude in a month or so. “Between June and September, the promoters are expected to increase their shareholding in the bank,” said one of the two sources quoted above. For IndusInd Bank, with its eye on acquisitions to expand its loan book, the capital infusion could give it the much-needed ammunition to pursue opportunities.
However, it is learnt that as a precondition to increasing its stake, IndusInd International Holdings has been asked to make its current shareholding in the bank free of encumbrances. As per the December-quarter shareholding, 45.48 per cent of shares have been pledged.
A mail sent to the bank remained unanswered till press time
On March 6, 2020, the bank intimated to the stock exchanges that its promoters have plans to acquire additional shares in the bank from the open market within the overall prescribed promoter equity holding cap for private banks.