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economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IndusInd Bank promoters see stock dip as investment opportunity
IndusInd Bank promoters have reiterated their commitment to the bank saying that the depressed stock value makes it an attractive level to double down their investment in the private sector lender. Though the bank, which has lost half of its value in the last six months, has not yet asked for any fresh fund infusion from parent IndusInd India Holdings Ltd (IIHL), the promoters see this as an opportune time to invest, said Ashok Hinduja, chairman of IIHL.
“Their capital adequacy is already more than 15% and they don't need any further capital, because (it is) excess money. Unless there is a plan, is not necessary to provide,” Hinduja said even as IIHL on Tuesday announced the completion of takeover of debt-ridden Reliance Capital more than year year after the National Company Law Tribunal (NCLT) had approved it.
“It is beneficial for the promoter to put money in at this rate, but it is not good for the institution to take money at a higher rate, they will always welcome a lower debt, because their equity EPS ratios are calculated (on that),” Hinduja said.
The Hinduja Group has a 16.29% stake in the bank. Nearly 50.8% of the promoter's stake has been pledged with creditors.
The bank’s promoter has made an application to the Reserve Bank of India to increase the stake to 26%. When asked about the status of the application, Hinduja said that all the related communications and responses have been given. “It is left to the regulator.”
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