Almost a year after seeking Reserve Bank's nod to hike stake in IndusInd Bank, the Hinduja Group is reportedly expected to get a go-ahead from the regulator in the current financial year this March.
IndusInd International Holdings, promoted by Ashok Hinduja, and its affiliate entity hold around 16.5 per cent stake in IndusInd Bank, which can be increased to 26 percent after approval.
Apart from Kotak Mahindra Bank, IndusInd Bank would also be the second instance in the private banking sector with promoter holding at 26 per cent, said a Hindu Businessline report. A promoter stake hike in the near term could lead to $1.2–1.3 billion or approximately ₹11,000 crore of fund infusion into the bank.
If the nod goes through, IndusInd Bank will be the first instance where promoters would increase their stake to the ceiling of 26 percent post RBI’s IWG recommendation in 2021.
The private lender is currently one of the most-valued entity in Hindujas’ financial services firms.