IndusInd Bank hits record high on FIPB nod for hike FII limit

The stock hits record high of Rs 709 on NSE on reports that the FIPB has allowed the bank to raise FII limit to 74%.

Indusind Bank is trading higher by 3% to Rs 703 on National Stock Exchange (NSE) on reports that the Foreign Investment Promotion Board (FIPB) has allowed the bank to raise foreign institutional investors (FII) limit to 74%.

The stock opened at Rs 692 and touched a record high of Rs 709 on NSE. A combined 794,221 shares changed hands on the counter till 1130 hours on NSE and BSE.

“Indusind Bank's proposal seeking increase in foreign investment in the bank to 74% has been cleared by the Foreign Investment Promotion Board (FIPB), a multi-department panel headed by Finance Secretary,” the PTI report suggests.

The amount of fund flow would depend on when the actual transaction takes place in case of the bank, the report said.

Citing a release by the government the report said, the bank sought "a specific request to grant post-facto approval for increase in foreign holding from 68.51% to 72.07% on June 30, 2014"