IndusInd Bank Share Price Live Updates: IndusInd Bank Daily Performance Review
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
2 hours ago
- News18
IndusInd Bank plans to raise up to Rs 30,000 cr via debt, equity
New Delhi, Jul 23 (PTI) IndusInd Bank, which reported a net loss of Rs 2,328.9 crore in the last quarter, on Wednesday said its shareholders have approved raising up to Rs 30,000 crore through a mix of debt and equity. The private sector bank had a consolidated net loss of Rs 2,328.9 crore in the March quarter of 2024-25 due to accounting lapses and fraud in the microfinance portfolio. The shareholders at the 31st annual general meeting also approved a proposal to permit promoters to appoint two directors on the board of the bank, IndusInd Bank said in a regulatory filing. The Hinduja family owns 15.82 per cent stake in the bank and are classified as its promoters. With approval of the Reserve Bank of India, amendments in Articles of Association of the bank empower promoters to collectively have the right to nominate up to two directors on the board subject to non-executive non-independent directors (including the nominee directors) not exceeding two in number, subject to approval of shareholders, it said. Currently, the promoters have one non-independent non-executive director on the board. With regard to capital raising, it said shareholders approved raising of funds through debt securities in any permitted mode on a private placement for an aggregate amount of Rs 20,000 crore or its equivalent amount in permitted foreign currencies, subject to approval of the members of the bank and receipt of regulatory/statutory approvals, as applicable. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding Rs 674 crore incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances" in 'other assets" of balance sheet. On April 29, then CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned from the bank, following which IndusInd Board appointed a committee of executives to oversee the operations, till a new MD & CEO assumes charge, or a period of three months. PTI DP TRB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 23, 2025, 22:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
5 hours ago
- Time of India
IndusInd Bank to raise up to $3.5 billion, allow Hindujas to nominate two board seats
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's IndusInd Bank will raise up to $3.47 billion and allow promoters to nominate two board directors, the private sector lender said on Wednesday, as it seeks to restore confidence after a $230 million accounting is looking to secure 300 billion rupees in funding, comprising a 200 billion rupees debt issue on a private placement basis and a 100 billion rupees capital increase through issue or placement of bank's net worth took a $230 million hit in the fiscal year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in UK-based Hinduja family own a 15.82% stake in the bank and are listed as its promoters, a regulatory classification in India for large shareholders who control key Hindujas can now nominate up to two directors on IndusInd's board, the bank said, adding that the move was approved by India's central previously did not have representation on the currently run by an executive committee, has shortlisted three senior bankers - Rajiv Anand, Rahul Shukla, and Anup Saha - for the position of CEO, Reuters reported last resigned as non-bank lender Bajaj Finance's managing director on will report its first-quarter results on July 28.
&w=3840&q=100)
Business Standard
5 hours ago
- Business Standard
IndusInd Bank to raise Rs 30k cr; promoters get board nomination nod
Private sector lender IndusInd Bank on Wednesday said its board of directors has approved a proposal to raise Rs 30,000 crore through a combination of debt and equity. Additionally, the bank's board has allowed the promoters to nominate up to two directors on the board, subject to approval from the Reserve Bank of India (RBI) and shareholders. In an exchange notification, the bank said the board, with RBI approval, has cleared amendments to the Articles of Association empowering the promoters to collectively nominate up to two directors on the board, classified as non-executive non-independent directors, subject to shareholder approval. Currently, the promoters have no representation on the bank's board. The board comprises non-executive directors only, as both the managing director and chief executive officer (MD & CEO) and the deputy CEO resigned in April, taking responsibility for accounting lapses. The bank's promoter, Ashok Hinduja, had said in March this year—when the bank disclosed discrepancies in its derivative portfolio leading to losses of over Rs 2,000 crore—that the promoters were ready to inject capital if required. However, with the bank's capital adequacy at comfortable levels, he stressed there was no immediate need for additional capital and that the bank had not sought fresh funds. As of March 2025, IndusInd Bank reported a Capital to Risk (Weighted) Assets Ratio (CRAR) of 16.24 per cent, with Tier I at 15.10 per cent and Tier II at 1.14 per cent. In the January–March quarter (Q4FY25), the bank reported a net loss of Rs 2,329 crore after substantially increasing provisions and reversing incorrectly booked revenue and income related to discrepancies in its derivatives and microfinance portfolios. The embattled lender saw its MD & CEO Sumant Kathpalia and Deputy CEO Arun Khurana step down in April, taking responsibility for a Rs 1,960 crore loss on the derivatives portfolio. The board submitted a shortlist of three candidates to the RBI on June 30 and is awaiting approval to appoint a new MD & CEO. Meanwhile, the board approved raising Rs 20,000 crore through debt securities, either via private placement or in permitted foreign currencies, subject to approvals. An additional Rs 10,000 crore will be raised to augment capital through the issuance or placement of securities including American Depository Receipts (ADR), Global Depository Receipts (GDR), Qualified Institutional Placement (QIP), and others. Separately, the bank informed the exchanges that Jayant Deshmukh has ceased to be a non-executive independent director of the bank with effect from the close of working hours on Wednesday, July 23, 2025, upon completion of his tenure.
