|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
Private sector lender IndusInd Bank has missed the December 31 deadline to reduce promoter holding in the bank to 10 per cent, as agreed by the lender in 2009. As of December-end, the bank had cut promoter stake to 15 per cent.
In 2009, the Hinduja Group-owned bank’s promoter holding stood at 22-23 per cent.
“The fact remains we have not been able to achieve that (promoter shareholding levels),” said a senior bank official. He, however, added efforts were underway to reduce the stake. The bank hasn’t approached the central bank with a fresh road map to cut promoter shareholding to 10 per cent.
In December, the bank had raised funds through a qualified institutional placement; promoter stake fell to 17.44 per cent. According to the BSE website, as of September-end, promoters’ stake in the bank stood at 19.38 per cent. Subsequently, the bank also carried out two bulk share sales, with promoters selling shares in open market transactions.
In the draft guidelines on new bank licences, the Reserve Bank of India (RBI) had indicated it would allow promoter stake of up to 15 per cent. It had said banks’ non-operative holding companies would continue to hold 40 per cent of the paid-up capital for the first five years, before reducing the stake by 20 per cent in 10 years and another five per cent in the next two years. This led to existing banks hoping they would also be allowed to retain promoter shareholding at 15 per cent.
RBI has been asking private banks to reduce promoter shareholding. In June, it had allowed Kotak Mahindra Bank to reduce promoter shareholding from 45 per cent to 20 per cent by 2018. The central bank would decide on further dilution after that.
For YES Bank, another private sector lender, promoters held about 26 per cent stake, as of September-end. The bank is yet to give a road map to RBI on reducing promoter shareholding to 10 per cent.