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IndusInd Bank gains on buzz Hindujas to infuse capital

IndusInd Bank was up 1.18% to Rs 1465.80 at 13:56 IST on the BSE after media reports suggested that the bank's promoters will infuse Rs 2,700 crore to get their stake back to 15%.

Meanwhile, the S&P BSE Sensex was down by 9.86 points, or 0.03% to 39,184.63.

On the BSE, 1.24 lakh shares were traded in the counter so far compared with average daily volumes of 2.37 lakh shares in the past two weeks. The stock had hit a high of Rs 1485 and a low of Rs 1451 so far during the day. It hit a 52-week high of Rs 2037.90 on 3 August 2018 and a 52-week low of Rs 1,333.90 on 31 October 2018.

The Hinduja Group will invest Rs 2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial Inclusion. The promoters will be subscribing to the warrants at a premium of Rs 1,709 a share, reports added.

As on 31 March 2019, promoters held 15% stake in the bank.

Merger of Bharat Financial into IndusInd Bank was announced in October 2017, as part of which a shareholder would get 639 shares of IndusInd Bank for every 1,000 shares of the micro-lender.

IndusInd Bank's net profit fell 62.2% to Rs 360.10 crore on a 28.9% rise in the total income to Rs 7550.43 crore in Q4 March 2019 over Q4 March 2018.

IndusInd Bank is engaged in banking and para-banking services.

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