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IndusInd Bank informed that the RBI has accorded its approval to SBI MF for acquiring up to 9.99% of the paid-up share capital or voting rights in the bank.
SBI MF has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year i.e. by 10 October 2024.
Further, SBI MF must ensure that the aggregate holding in the lender does not exceed 9.99% of the paid-up share capital or voting rights of the bank at all times.
IndusInd Bank caters to both consumer and corporate customers. As of 30 June 2023, the bank's distribution network included 2,606 branches/ banking outlets and 2,875 onsite and offsite ATMs, as against 2,286 branches/banking outlets and 2783 onsite and offsite ATMs. The client base stood at approximately 35 million as on 30 June 2023.
The bank's standalone net profit surged 32.45% to Rs 2,123.62 crore on 27.98% rise in total income to Rs 12,939.42 crore in Q1 FY24 over Q1 FY23.
The scrip rose 0.80% to currently trade at Rs 1,432.50 on the BSE.
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