Bank / IndusInd Bank Box: The private sector big lender IndusInd Bank has misinformed the reports that Kotak Bank can acquire it. IndusInd International Holding Limited (IIHL), the promoter company of IndusInd Bank, has described these reports as false, baseless and rumored. The company says that IndusInd Bank has constant support from the promoters and Hinduja family. Let us tell you that there was news that Kotak is eyeing the takeover of IndusInd Bank, the small Rival Company of Mahindra Bank.
Promoters always supported
IndusInd International Holding Ltd says that whenever the financial crisis has affected the country’s economy and financial companies, the promoters of IndusInd Bank have supported the bank and worked to improve its financial health. It has a solid track record of acquiring IndusInd Enterprises and Finance Limited (IEFL) in 2002. The promoter has continued to support IndusInd Bank’s initiative so that such opportunities can arise in future.
It is to be remembered that among the 9 original licenses (4 institutional and 5 private) allowed to set up banking operations in 1994, IndusInd Bank is the only privately promoted bank to operate successfully due to promoters’ support. .
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What was the news
Earlier, according to a Bloomberg report, Kotak Mahindra Bank and IndusInd Bank of the private sector could be merged. According to the report, Kotak Mahindra Bank is further talking about the acquisition of IndusInd Bank in the private sector itself. Bloomberg said that after the dispute between four brothers of Hinduja family living in UK, the discussion of selling it came to light. According to the report, Uday Kotak, CEO of Kotak Mahindra Bank, is monitoring the options to buy the entire stock. Uday Kotak and Hinduja family have had initial talks on this proposal. The founders of IndusInd Bank can retain its stake in the bank.
How much stake of promoters
According to media reports, promoters of IndusInd Bank have less than 15% stake in it. The remaining 85 per cent stake is with Retail Institutional Investors. Apart from this, the market cap of the bank is close to Rs 46,000 crore. If these two banks merge, a banking deal will be done between Kotak and IndusInd Bank, as Kotak Bank has a strong cash position in the market at the moment.
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Source: www.financialexpress.com
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