Hinduja Group seeks RBI approval to raise stake to 26% in IndusInd Bank to 26%

In order to raise their stake in IndusInd bank to 26%, the Hinduja Group has sought the central bank’s permission. The Hinduja Group presently holds 15% stake in IndusInd Bank, according to a media report.
The report quotes Ashok Hinduja, Chairman of the Hinduja Group of Companies (India), as, “We have just recently written to the RBI to increase shareholding from 15% to 26%. When I saw that Kotak Mahindra Bank has got a dispensation, we also thought of writing to them. Why not give us that dispensation as well? Let’s see how they respond.”
“My message to the regulator is that, when the original licences were given, promoters could hold more, about 40-49%. The stronger the promoter, the more committed he will be — more capital will be infused by the promoter in the bank,” Hinduja said.
“This is the right opportunity for us to support the bank, though it does not need capital for two years. It is always better to come in when the prices are down,” he added.