INSUBCONTINENT EXCLUSIVE:
Hinduja group firm IndusInd International Holdings Ltd (IIHL), the promoter of IndusInd Bank, announced on Monday its plans to raise $1.5
12,300 crore) to increase its stake in the lender to 26 per cent from the current 15 per cent as well as fund its proposed acquisition of
its business horizon in India and other global geographies in the banking, financial services and insurance (BFSI) sector
The decision came following recommendations from an internal working group, which had reviewed the ownership and corporate structures of
signed letter of intent.
IIHL was the sole resolution applicant for Reliance Capital, which is undergoing insolvency proceedings, with a
bid amount of $1.2 billion (about Rs
The company is likely to be listed by next year, and this would also give a trading option to its numerous shareholders who have stayed with
the company for over three decades, it added.
IIHL recently acquired a majority holding in a bank in the Bahamas
It has also received an in-principle approval for a banking licence in Mauritius, giving it an opportunity to explore options to set up a
greenfield bank or consider inorganic acquisition.
The company was also in process of acquiring asset management and wealth management
businesses to complete its BFSI suite.
The IIHL board has recommended a special interim dividend at the rate of 10 per cent to reward its
shareholders, coinciding with 30 years of investment in banking
The board has also approved a buyback scheme for partial dilution for its original shareholders at $20 (face value of $1), and the buyback
offer letter will be shared in due course, IIHL said.
