IndusInd Bank gains after RBI approves Route One to raise stake

IndusInd Bank rose 1.61% to Rs 522.2 after the Reserve Bank of India approved an existing investor, Route One, to increase stake in the private sector lender.

Route One Investment Company LP, USA (ROIC) is an existing investor, holding approximately 4.96% of the issued and subscribed capital of IndusInd Bank. ROIC approached RBI seeking a prior approval to increase its stake in IndusInd Bank upto 10%.

"Basis reference from RBI, the Board of Directors of the Bank, in their meeting held on July 5, granted its approval to the proposed acquisition of Route One Investment Company, L.P. in our Bank," IndusInd Bank said.

The bank's consolidated net profit fell 12.32% to Rs 315.25 crore on 21.30% rise in total income to Rs 9,158.80 crore in Q4 March 2020 over Q4 March 2019.

IndusInd Bank caters to the needs of both consumer and corporate customers. As of 31 March 2020, the bank's distribution network included 1,911 branches/banking outlets and 2,760 onsite & offsite ATMs across 751 geographic locations.

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