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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IndusInd Bank shares in focus after Ashok Hinduja says no fresh capital sought; calls it an ‘opportune time’ for promoters to raise stake
IndusInd Bank shares will be in focus on Wednesday after Ashok Hinduja, chairman of IndusInd International Holdings Ltd (IIHL), said that the bank has not sought fresh capital from its promoters, despite a hit to its net worth due to an accounting discrepancy.
IIHL, the investment arm of the Hinduja Group, recently received the Reserve Bank of India's (RBI) in-principle approval to increase its stake in IndusInd Bank from 16% to 26%.
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.
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"...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.
Also Read: Stocks in news: Bajaj Auto, L&T, Bharti Airtel, Hindustan Zinc, Dr Reddy’s
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.
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