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IndusInd Bank soars 4% on takeover buzz; promoters call rumor 'baseless'

According to a Bloomberg report, Uday Kotak, founder and chief executive officer (CEO) of Kotak Mahindra Bank, is looking at the possibility of an all-stock acquisition of IndusInd Bank

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KMB is looking at the possibility of an all-stock acquisition of the private lender

2 min read Last Updated : Oct 26 2020 | 9:47 AM IST

Shares of IndusInd Bank advanced 4.2 per cent to hit an early morning high of Rs 633 on the BSE on Monday on report that Uday Kotak, founder and chief executive officer (CEO) of Kotak Mahindra Bank, is looking at the possibility of an all-stock acquisition of the private lender.

"Uday Kotak and the Hinduja family have held initial talks over the proposal in which the founders of IndusInd Bank could retain a stake in the lender after a deal," said a report by news agency Bloomberg. However, when contacted by Business Standard, the Kotak Bank spokesperson said in an emailed

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