IndusInd Bank gains 6% as promoter buys additional 1.39 lakh shares

Thus far in June, IndusInd International Holdings has bought 1.73 million equity shares of the bank through open market

Shares of IndusInd Bank rose 6 per cent to Rs 520 on the BSE on Tuesday after the private sector lender said that its promoter had acquired additional shares of the bank through open market purchases.

“On June 18, IndusInd International Holdings, one of the promoters of Bank, purchased 139,000 equity shares of the bank for Rs 6.82 crore,” IndusInd Bank said in an exchange filing.

Thus far in the month of June, IndusInd International Holdings has bought 1.73 million equity shares (representing 0.25 per cent of total equity) worth of Rs 85.51 crore of IndusInd Bank through open market. Post acquisition, IndusInd International Holdings stake in the bank increased to 9.60 per cent to 9.85 per cent, it said. CLICK HERE FOR DETAILS

The stock has outperformed the market by surging 32 per cent, as compared to 8.78 per cent rise in the S&P BSE Sensex so far in the current month. Till 02:21 pm, a combined around 36 million equity shares of the bank had changed hands on the NSE and BSE.

On June 7, IndusInd Bank informed the stock exchanges that it has received communication from IndusInd International Holdings and IndusInd, promoters of the bank, regarding their proposal to acquire shares of bank from the secondary market.

“The promoters, IndusInd International Holdings and IndusInd, currently hold 14.68 per cent of the paid-up share capital of the bank. It shall now purchase additional shares from the open market within the overall regulatory limit prescribed for promoter equity holding cap,” the bank had said.