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Read more about IndusInd Bank Ltd gains for third straight session on Business Standard. IndusInd Bank Ltd is quoting at Rs 1111.85, up 3.91% on the day as on 12:49 IST on the NSE. The stock is down 2.04% in last one year as compared to a 29.53% jump in NIFTY and a 21.88% jump in the Nifty Bank index.
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Mumbai: lnduslnd Bank promoters IndusInd International Holdings Ltd (IIHL) have converted warrants in the bank at a 60 percent premium to Tuesday s closing price investing Rs 2,021 crores, putting to rest doubts on whether the Hinduja- backed company had the financial muscle to keep capitalising its crown jewel.
The investment was done by raising funds through a rights share sale to the holders of IIHL and from sale of some assets that the company held. Furthermore, pledging a portion of the bank s shares with banks which made investors wary was to create a war chest for IIHL that is preparing to list itself. Hindujas said the pledge doesn’t reflect the financial strength of the business family.