The Hinduja group is planning to raise its stake in Indusind Bank from 15 per cent to 26 per cent with an investment of Rs 100 billion.
A banking source said the Hinduja’s Mauritius-based promoter entity had received the Reserve Bank of India’s (RBI) approval to raise the stake. In November 2021, the RBI allowed promoters to own as much as 26 per cent of a bank.
When contacted, a Hinduja source said the RBI, in principle, had agreed to increase Indusind International’s stake from 15 per cent to 26 per cent according to the master direction guidelines of 2015 and due process was being followed.
The RBI had also permitted promoters of existing banks, who had to reduce their ownership due to earlier guidelines, to bring it back up to 26 per cent. The Hinduja group has also offered to take over Reliance Capital for Rs 90 billion, but its offer is facing litigation from its rival bidder Torrent.
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