Hinduja Group to increase its stake to 26% in IndusInd Bank: Reports

IndusInd International Holdings Limited, a Hinduja Group entity is said to have received approval from the Reserve Bank of India to raise its stake in IndusInd Bank from the current 15.16 per cent to 26 per cent, according to the media reports.

In addition to this, a formal approval from the Reserve Bank of India is also in place for the same.

This will result in the Hinduja Group investing over $1 billion in the lender.

As per the sources, before the increase in the stake, the promoters will have to meet certain conditions before submitting the application to the regulator. Presently, the promoters are in the process of infusing capital in the private sector lender citing reports.

On Friday, the shares of IndusInd Bank was trading at Rs1111.95 per share higher by 3.40% on the BSE.