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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IndusInd Bank hasn't sought any capital; opportune time for promoters to up stake: Ashok Hinduja
IndusInd Bank has not sought any fresh capital from its promoters even though it suffered a huge loss in its net worth following an accounting discrepancy, IIHL chairman Ashok Hinduja said on Tuesday. IIHL, the investment arm of Hinduja Group, has recently got RBI's in-principle approval to raise its stake in IndusInd Bank from 16 per cent to 26 per cent.
According to Hinduja, IndusInd International Holdings Ltd (IIHL) — the Mauritius-based promoters of the private sector lender — has committed to infuse capital into the bank in case there is a requirement.
However, the bank has not sought any fresh infusion as the overall capital adequacy is at a comfortable level of over 15 per cent, he told reporters on the sideline of an event.
He further said that this is an opportune time for the promoters to raise their stake given the dip in the stock price, even though it will not be so beneficial for the bank as an institution.
"...at this price, we would like to. Why me? Any shareholder. See the book value, see the net worth at this value. These are panic situations. In the panic situation, everybody gets worried," Hinduja said.
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On March 10, IndusInd Bank disclosed that it has found some discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024.
Analysts peg the discrepancy at Rs 2,100 crore in absolute terms. Soon after the disclosure, the bank's scrip witnessed a massive price correction.
IndusInd Bank also said
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The week in charts: Tax share, oil diplomacy, IndusInd Bank sell-off livemint.com / 1 year ago
IndusInd Bank to appoint independent firm to investigate discrepancies in derivative accounts economictimes.indiatimes.com / 1 year ago
IndusInd Bank shares in focus as Crisil, CARE hold off on ratings watch economictimes.indiatimes.com / 1 year ago
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