Latest news with #Hinduja
India.com
7 days ago
- Business
- India.com
IndusInd Bank To Raise Rs 30,000 Crore Via Debt, Equity Mix
Mumbai: The Hinduja family-promoted IndusInd Bank's Board of Directors on Wednesday approved raising up to Rs 30,000 crore through a combination of debt and equity and allowed the promoters to nominate two board directors, as it seeks to restore confidence in its operations after the recent Rs 2,000 crore accounting lapse. The lender will raise Rs 20,000 crore through debt securities in any permitted mode on a private placement basis, or its equivalent amount in permitted foreign currencies. It will also augment the capital base via the issue of securities, including American Depository Receipts, Global Depository Receipts, and Qualified Institutional Placement, amounting to Rs 10,000 crore. The bank said after the approval of the RBI, it will make amendments in its Articles of Association to give its promoters, the Hinduja family, the right to appoint two non-executive, non-independent Directors on the bank's board. The UK-based Hinduja family, which can now nominate up to two directors on IndusInd's board, did not previously have any representation on the board. Earlier this year, IndusInd Bank made a disclosure of accounting lapses in its derivatives portfolio. The bank appointed external agencies to assess the financial impact, which was later revealed to be around Rs 2,000 crore, and to find the root cause of the accounting errors. The bank's net worth took a big hit as the misaccounting of internal derivative trades was exposed. Taking moral responsibility for the lapses, the bank's CEO, Sumath Kathpalia, resigned in April, just a day after its former deputy CEO, Arun Khurana, left the bank. The Mumbai-based private lender reported a net loss of Rs 2,328 crore for the January-March period as accounting issues and stress in the microfinance portfolio led to the balance sheet taking a hit. IndusInd's Net Interest Income (NII) or core income declined by 43.4 per cent from the same quarter last year to Rs 3,048 crore. The asset quality of the bank deteriorated on a sequential basis, with Gross NPAs rising to 3.13 per cent of total loans from 2.25 per cent in the preceding October-December quarter, while net NPAs for the quarter stood at 0.95 per cent, up from 0.68 per cent in the previous quarter.
News18
7 days ago
- Business
- 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.
Reuters
23-07-2025
- Business
- Reuters
IndusInd Bank to raise up to $3.5 billion, allow Hindujas to nominate two board seats
July 23 (Reuters) - India's IndusInd Bank ( opens new tab 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 lapse. IndusInd 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 securities. The 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 April. The 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 decision-making. The 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 bank. Promoters previously did not have representation on the board. IndusInd, 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 month. Saha resigned as non-bank lender Bajaj Finance's managing director on Monday. IndusInd will report its first-quarter results on July 28. ($1 = 86.3730 Indian rupees)
Time of India
17-07-2025
- Entertainment
- Time of India
As Sholay nears 50, Iran consulate pays a nostalgic tribute to film: 'We still remember'
As Sholay nears 50, Iran consulate pays a nostalgic tribute to film: 'We still remember' NEW DELHI: Reminiscing 'Sholay' in times of conflict, the Consulate General of Iran in Mumbai Tuesday took to X (formerly Twitter) to post about an Iranian newspaper's coverage on the iconic Bollywood film awaiting its 50th anniversary. The Iranian embassy joined in, posting "Sholay turns 50 and Iran still remembers." While this nostalgic tribute highlighted the film's timeless appeal and cross-cultural resonance transcending borders, the gesture was also pleasantly surprising at a time when the country is recovering from a war. 'Sholay' was released on Aug 15, 1975, when India was under the Emergency. The Consulate General's post recalled how an Iranian newspaper dedicated a full-page tribute to 'Sholay', noting that the film's unforgettable story of friendship has become a cornerstone of cinematic memory in Iran. Interestingly, the iconic villain Gabbar Singh is known as Jabbar Singh in Iran. The post also mentioned Iranian actor Navid Mamza, who drew inspiration from Gabbar Singh's looks and menacing mannerisms. This gesture is significant given the historical and cultural ties between India and Iran. The two countries enjoyed a long-standing relationship rooted in their shared border until India's partition in 1947. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You To Read in 2025 Blinkist: Warren Buffett's Reading List Undo Indian cinema has been a common thread between the two nations, with films like 'Shree 420' and 'Sangam' gaining immense popularity in Iran. Raj Kapoor's visit to Iran for the premiere of Shree 420 was met with a grand welcome, with fans showering him with affection. A newsletter on the website of the Hinduja group - which played a role in the film's distribution in Tehran - quotes SP Hinduja saying that it was the eldest of Hinduja siblings, Girdhar, based in Iran in the 1950s, who came up with the idea of promoting Indian films in Iran. "As he (Kapoor) stepped on to the platform upon arrival in Tehran, the crowd - predominantly women - started screaming. The noise was incredible and then there was a surge as several women smothered him with kisses," it says.
New Indian Express
11-07-2025
- Business
- New Indian Express
RBI set to clear name of new Indusind Bank CEO shortly
MUMBAI: The Reserve Bank is likely to clear the name of the next chief executive of the troubled Indusind Bank, which has been headless since late April after both its CEO and deputy CEO quit owning up moral responsibility for the accounting scam that plagued it since early March, this month itself—by massively cutting short its time consuming application vetting process that normally takes three to four months normally. The board of the Hinduja group-owned bank led by chairman Sunil Mehta had submitted its list of three possible candidates to the Reserve Bank on June 30, as mandated by the regulator. Though there has been no public acknowledgement of the submission, it has been learnt that the board has shortlisted three names-- Rajiv Anand of Axis Bank, Anup Saha of Bajaj Finance, and Rahul Shukla of HDFC Bank--to man the top deck. Among the three the rumour mill is that the 59-year-old Anand leads the race to the corner office of the sixth largest private sector lender. Indusind Bank has been headless since late April when the scam-tainted chief executive Sumant Kathpalia and his deputy Arun Khurana resigned owning moral responsibility for the massive losses in its forex derivatives trading book and had to book a massive Rs 2,329 crore in net losses in the March quarter. 'Indusind Bank should have a new CEO before the end of this month itself. The RBI is keen to ensure that the bank has a full-time CEO at the earliest,' a person in the know of the RBI mindset on the matter told TNIE.
