Mumbai, July 24 (SocialNews.XYZ) IndusInd Bank on Friday said that the US-based hedge fund Route One Investment Company has received Reserve Bank of India's (RBI) approval to raise its stake to 10 per cent from its current stake of 4.96 per cent.
In a regulatory filing, the bank said that its board of directors in its meeting on July 5 granted its approval to the proposed acquisition of shares.
"Route One Investment Company LP, USA (ROIC) is an existing investor holding approximately 4.96 per cent of the issued and subscribed capital of the bank and the investor approached the Reserve Bank of India seeking a prior approval to increase their stake in the bank up to 10 per cent," it said.
"RBI has forwarded the bank a copy of the letter addressed to ROIC, granting approval for increasing their shareholding up to 10 per cent of the paid-up voting equity capital of IndusInd Bank Limited," it said.
Shares of IndusInd Bank rose on Friday on the back of the announcement. At 2.04 p.m., they were trading on the BSE at Rs 524.90, higher by Rs 10.95 or 2.13 per cent from its previous close.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz