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IndusInd Bank promoters seek RBI nod for raising stake to 26%
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SME Times News Bureau | 03 Apr, 2020
IndusInd Bank on Friday said
that its promoters have sought Reserve Bank of India's (RBI) approval
for increasing their permissible holding to 26 per cent.
In a
regulatory filing, the Hinduja family-backed lender said that its
promoters have a holding of 14.68 per cent. The current regulatory cap
for promoters of a bank is at 15 per cent.
"The promoters of the
bank have applied to the Reserve Bank of India for increasing their
permissible holdings to 26 per cent. On a fully diluted basis the
promoters of the bank have a holding of 14.68 per cent which is very
close to the current regulatory cap of 15 per cent," it said.
"If there are any updates around the same, we will keep the stakeholders informed," the bank said in its filing.
However,
the development comes amid the security market regulator Sebi's
reported prohibition of promoters and insiders from buying company
shares till June 30, as companies have been given extra time to report
earnings with the stock exchanges.
Regarding reports that the
IndusInd Bank is in talks with private equity firms to raise capital,
the bank said that it would not comment on market speculation.
It also said that the bank is well-capitalised with Tier-1 ratio of 15 per cent and Capital Adequacy Ratio of 15.43 per cent.
"There
is no specific transaction under consideration by the Board of the Bank
at this stage. We stay committed to evaluate alternatives from time to
time that may benefit our stakeholders," it said.
Off late,
concerns have been raised over the bank's financial health, more so
against the backdrop of instances like those of the PMC Bank and Yes
Bank.
However, the bank has denied the concerns and through
regulatory filings has said that it is financially strong and well
capitalised.
Stock prices of the bank have declined around 75 per cent in the past two months, over the concerns
On Friday, its shares on the BSE settled at Rs 313.25, lower by Rs 29.05 or 8.49 per cent from its previous close.
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