Gbc, Bank

lnduslnd International Holdings Ltd (IIHL), the promoter company of lnduslnd Bank, has completed its capital raise through a rights issue at an overwhelming premium of 1,400 per cent towards subscription."This reiterates the confidence of IIHL's global shareholders spread across 34 countries in the decision of IIHL and its subsidiary IndusInd Ltd to redeem the balance 75 per cent of warrants at a price of Rs 1709 per share (a huge premium over the current market price of Rs 1,059) aggregating to Rs 2,021.45 crore," it said in a statement.To support the redemption of warrants, IIHL has decided to monetise some of the other mature, non-core investments. The funds from this divestment and the rights issue will be remitted on or before February 18 as permitted by the Securities and Exchange Board of India (SEBI).Earlier, 25 per cent warrants were subscribed in July 2019 on payment of Rs 673.8 crore, amounting to 25 per cent of the offer price of Rs 1,709."This will lead to IIHL shoring up additional equity of 1.7 per cent in lnduslnd Bank, thereby bringing promoter equity to 15 per cent on a diluted basis," said Moses Harding John, President and Chief Executive Officer.In September 2020, IIHL had acquired 1.24 per cent of the preferential equity knowing that its balance 9.05 per cent of equity will be locked in till March 2021 per regulatory guidelines."The board of IIHL has always been desirous of increasing its stake in lnduslnd Bank to 26 per cent," he said adding the company is committed to enabling its investors to have trading and monetising opportunities for their long-standing holdings.Towards this, it has raised the debt by pledging some shareholding of lnduslnd Bank for acquisition or strategic investment to convert IIHL into a listed operating entity outside India by the first week of September 2021.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

GbcFOLLOW

Gbc, Latest News

Bank employees continued with their nationwide strike on Tuesday, for the second day, following the call of the United Forum of Bank Unions (UFBU). Like all other parts of the country, it has impacted services and operations in Mumbai, Panchkula and ...

HDFC Bank on International Women' Day announced the launch of SmartUp Unnati, a dedicated programme for mentoring women entrepreneurs by women leaders at the bank. ...

New Delhi, March 6 Singapore-based fund house, Bank Julius Baer, has upgraded India to overweight as it will ... ...

New York, March 5 Indian-American Naureen Hassan, a 25-year veteran of the financial services industry, has been named as ... ...

Mumbai, March 1 Bank credit is seen growing 400-500 basis points (bps) higher at 9-10 per cent next ... ...

Aurangabad, Feb 27: Over the last few months, citizens have been bringing in new Rs 500 and Rs 2,000 ... ...

Standard Chartered Bank has been constantly innovating while building out technical capabilities and remaining agile in its ways of working. This has aided the Bank in providing efficient and seamless banking services to all its clients especially th ...

lnduslnd International Holdings Ltd (IIHL), the promoter company of lnduslnd Bank, has completed its capital raise through a rights issue at an overwhelming premium of 1,400 per cent towards subscription. ...