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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Can IndusInd Bank get out of the troubled times? Private lender's promoter thinks so
IndusInd Bank facing a steep decline, Ashok Hinduja, Chairman of IndusInd International Holdings, Mauritius, has assured that the bank «is in a very healthy position.»
However, he raised concerns over the impact on the market cap. «My concern is how the market has taken so much so that over Rs 16,000 crores, over $2 billion just in two hours, it has impacted the market cap. The market situation has gone so bad,» he added.
The promoter reaffirmed his commitment to supporting the bank, recalling past support during the Covid-19 crisis. Hinduja emphasised that the promoter group remains ready to inject capital, including through additional warrants, and is awaiting regulatory approval to increase its stake from 15% to 26%.
Despite the market reaction, he assured that the bank's capital adequacy remains above 15% and is not a concern.
Shares of IndusInd Bank were trading at 654.25/piece as of 2:49 pm.
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Concerns over management
Addressing concerns over management, Hinduja expressed full trust in the bank’s leadership, including MD Sumant Kathpalia, but deferred decisions on tenure extensions to the Reserve Bank of India (RBI).
He also clarified that while the CFO position has been a topic of speculation, Arun Khurana currently holds the role and is also the deputy CEO and board member. On concerns over pledged shares, Hinduja explained that IndusInd International Holdings has over 600 shareholders, who expect business expansion, and occasional pledging of shares is a normal practice for raising funds.
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