IndusInd Bank Ltd. pamphlets are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

IndusInd Bank Sells Entire Stake In Kesoram Industries

Kesoram Industries Ltd. surged more than 6 percent in intraday trade on Friday after IndusInd Bank Ltd. sold its entire stake worth Rs 102 crore in the company via a block deal.

The lender sold 75 lakh equity shares of Kesoram Industries at Rs 137 per share in the open market after the completion of the lock-in period, IndusInd Bank confirmed to BloombergQuint.

On June 15, the Kesoram Industries board had allotted 75 lakh equity shares of face value Rs 10 each to IndusInd Bank, arising out of conversion of the existing 7.5 lakh optionally convertible preference shares, at Rs 120 a share.

The Kesoram Industries stock surged nearly 6 percent post the block deal and is currently trading at Rs 145 on the BSE.

The stock had underperformed the market over the past one month as on June 29, falling nearly 4 percent compared with a 0.81 decline in the Sensex.

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