IndusInd
Bank promoters’ stake reduced
Our Banking Bureau
11 April 2002
 Mumbai:
The promoters’
stake in IndusInd Bank Ltd has come down to 49.86 per cent with
one of its promoters, IndusInd Enterprise and Finance Ltd (IEFL),
selling 6.39 per cent of its stake in the open market.
 IEFL’s
stake is now down to 25 per cent, while IndusInd International
Holding Ltd, the other promoter, continues to hold a stake of 25
per cent.
IndusInd Bank managing
director Bhaskar Ghose said the bank has informally told the
Reserve Bank of India (RBI) that it will bring down the promoters’
stake to 49 per cent by the end of March 2002. “We also had an
informal understanding with the RBI to bring the promoters’
stake down to 40 per cent by the end of September 2002.”
Ghose said IndusInd Bank
is not looking to acquire any bank, but is looking at “expanding
lines of business through acquisition of loan  portfolios
of other banks.” IndusInd Bank has picked up loan portfolios to
the tune of around Rs 1,300 crore from various banks in the last
fiscal.
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