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Promoters of IndusInd Bank to hike stake by buying extra shares from market

The promoters of the bank plan to acquire additional shares from open market in India

Abhijit Lele  |  Mumbai 

IndusInd Bank
On Friday, IndusInd stock closed 5.62 per cent lower at Rs 1,014.3 per share on the BSE

IndusInd Bank's promoters will hike their stake in the private sector lender by buying extra shares from the market.

The promoters of the bank —IndusInd International Holdings (IIHL) and IndusInd — plan to acquire additional shares from open market in India. This will be within the overall regulatory cap prescribed for promoter holding in private banks, the bank informed the BSE on Friday.

Promoters held 14.38 per cent stake in the bank at the end of December 2019. IIHL had 10.59 per cent stake while IndusInd held 3.79 per cent.

On Friday, IndusInd stock closed 5.62 per cent lower at Rs 1,014.3 per share on the BSE.

The bank will see a leadership change with Sumant Kathpalia taking charge as managing director (MD) and chief executive officer (CEO) from March 24, for a three-year term.

Kathpalia will succeed current MD & CEO Romesh Sobti, who has been at the helm of affairs for over a decade now. Sobti’s term as MD & CEO will end on March 23.

First Published: Sat, March 07 2020. 00:42 IST
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