IndusInd Bank’s Promoter Commitment Coming Through: Prabhudas Lilladher
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Prabhudas Lilladher Report
IndusInd Bank Ltd.’s promoter has taken a leap ahead to convert its due warrants of Rs 20.2 billion at premium of 62% from cash management product, although warrants issued in Q1 FY20 were also at 18% premium.
Infusion of money will increase promoter stake to 15%, add 3% to book value, improve capital by 4-5% with CET-I moving to approximately 16% from 14.3% in Q3 FY21.
Promoter has pledged its holding in the bank of 5.64% looking for acquisition/strategic investment to convert promoter holding entity (lnduslnd International Holdings Ltd.) into listed operating entity outside India by September 2021 and provide exit to its shareholders.
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