IndusInd Bank promoters stake reduced

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. IEFLs 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.