IndusInd Bank has not sought any fresh capital from its promoters even though it suffered a huge loss in its net worth following an accounting discrepancy, IIHL chairman Ashok Hinduja said on Tuesday.
He added that this is an opportune time for promoters to raise their stake in the bank given the dip in the stock price, even though it will not be so beneficial for the bank as an institution.
IIHL, the investment arm of the Hinduja group, has recently got the RBI’s in-principle approval to raise its stake in IndusInd Bank from 16 per cent to 26 per cent.
According to Hinduja, IndusInd International Holdings Ltd (IIHL) — the Mauritius-based promoters of the private sector lender — has committed to infuse capital into the bank in case there is a requirement.
Meanwhile, a Reuters report quoting three merchant bankers said IndusInd Bank has raised $1.27 billion via short-term notes, but at slightly higher rates, in its first fundraising since reporting an accounting discrepancy.