Hindujas to raise stake in IndusInd Bank, raising $1.1 bn for funds: Report

The Hindujas are consdering increasing their stake in IndusInd Bank after the Reserve Bank of India (RBI) eased ownership rules for the country’s private sector banks, the Economic Times reported Monday.  

IndusInd International Holding Ltd, the Hinduja-led promoter entity in the private lender, is rasing more than a billion dollars, Ashok Hinduja, chairman of the Hinduja Group of Companies, was quoted by the paper as saying.  

RBI, last week, came up with rules that held back on an internal working group's proposal to let industrial houses own banks. However, it allowed promoters to own as much as 26 per cent in a bank. It also permitted promoters of existing banks, who had to reduce their ownership due to earlier guidelines, to bring it back up to 26 per cent.