IndusInd Bank promoters get ₹ 2,021 crore equity, know what is the plan now
IndusInd Bank of Hinduja Group has received equity of Rs 2,021 crore from the promoters. The bank has received this capital after converting the preferential warrants into equity shares. Explain that this warrant was issued to the promoters in July 2019. This warrant issue was done under the conditions laid down for the merger with Bharat Financial.
Let me tell you that at the time of subscription of the warrant, the promoters had paid Rs 673 crore, while the remaining Rs 2,021 crore was paid by the promoters today. IndusInd Bank has informed this today by informing BSE. The names of these promoters are IndusInd International Holding Limited and IndusInd Limited.
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Explain that the bank’s financial committee has approved allotting 1,57,70,985 shares to these promoters on Thursday. The conversion of these warrants has been done at Rs 1,709 per share, which is 65 per cent higher than Wednesday’s closing price. IndusInd Bank has said that the capital adequacy ratios of the bank will be further strengthened by this conversion. Explain that at the end of today’s trading session, IndusInd Bank’s stock has closed at 1046.05 with an increase of Rs 12.85 i.e. 1.24 per cent.