IndusInd Bank started its journey after it was founded in 1994 by Srichand Parmanand Hinduja, and was inaugurated by the then Finance Minister Manmohan Singh himself. A month after the death of its founder, IndusInd Bank is close to receive another infusion of Rs 10,000 crore from the Hinduja Group, which seeks to raise its stake in the lender.
The conglomerate run by SP Hinduja's brothers is increasing its holding in IndusInd Bank to 26 per cent.
Reports emerge month after founder's death
Promoters currently own a minority stake in the lender at 16.51 per cent.
IndusInd Bank had been hit hard by the crisis in the sector triggered by the Yes Bank fiasco, and its stocks had crashed by as much as 86 per cent in 2020.
But it has since recovered to hit the Rs 1 lakh crore market cap for the first time after three years, while its stock prices have gone up by 7 per cent so far in 2023.
The news of the investment from Hinduja group has further driven IndusInd's share prices upwards by 3 per cent.
