Private equity major General Atlantic Global Investments is planning to sell 6.5 million shares of private sector lender IndusInd Bank, people familiar with the development told Business Standard.
The offer price is expected to be in the price band of Rs 612-618 a share, which works out to about Rs 400 crore.
Currently, GA Global holds 4.3 per cent stake in the bank, which amounts to a total shares of about 25 million. Based on Tuesday's closing share price of Rs 613.50, GA Global's total stake is valued at Rs 1,559.5 crore.
The private equity firm also has stake in other firms such as And Designs India Ltd, Jubilant Life Sciences, Sharekhan, Red Ventures, Infotech etc.
An IndusInd Bank spokesperson said the bank does not comment on share sale deals.
In the quarter ended June, the bank had reported a 26 per cent increase in net profit to Rs 421.06 crore for the quarter ended June on the back of an improved income from fees and commission. IndusInd Bank's managing director Ramesh Sobti had earlier clarified that unlike several other banks, the lender does not have any immediate plans to raise capital.
The offer price is expected to be in the price band of Rs 612-618 a share, which works out to about Rs 400 crore.
Currently, GA Global holds 4.3 per cent stake in the bank, which amounts to a total shares of about 25 million. Based on Tuesday's closing share price of Rs 613.50, GA Global's total stake is valued at Rs 1,559.5 crore.
Also Read
Apart from the promoter group, GA Global is the largest shareholder in the bank, followed by others such as Bridge India Fund, Life Insurance Corporation of India, and Goldman Sachs Investments.
The private equity firm also has stake in other firms such as And Designs India Ltd, Jubilant Life Sciences, Sharekhan, Red Ventures, Infotech etc.
An IndusInd Bank spokesperson said the bank does not comment on share sale deals.
In the quarter ended June, the bank had reported a 26 per cent increase in net profit to Rs 421.06 crore for the quarter ended June on the back of an improved income from fees and commission. IndusInd Bank's managing director Ramesh Sobti had earlier clarified that unlike several other banks, the lender does not have any immediate plans to raise capital.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%