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This story is from October 7, 2006
Hindujas cut IndusInd stake
Hinduja promoted Ashok Leyland has reduced its stake in IndusInd Bank to RBI stipulated 10%. It sold around 2.89% to Credo Capital at Rs 46.06 a share.
MUMBAI: Hinduja group promoted Ashok Leyland has reduced its stake in IndusInd Bank to RBI stipulated 10%. It sold around 2.89% to Credo Capital at Rs 46.06 a share.
Ashok Leyland, which held close to 13% stake in the bank, had to pare its holding before June 2005 to adhere to RBI guidelines. However, it had sought an extension from the regulator. RBI, in its ownership guideline, states that no single corporate entity can hold more than 10% in a bank.
Leyland held 75% stake in Ashok Leyland Finance (ALF).
Another major shareholder in the bank — IndusInd International Holdings (IIHL), a Mauritius-based company_ — holds little over 23%.
The Akpo field, about 200 km off the Nigerian coast and operated by French energy giant Total, is expected to produce 225,000 barrels of oil a day when it comes on stream in the second half of 2008.
However, the government insisted Sapetro must relinquish the entire block, which was originally set to run through 2008.
Ashok Leyland, which held close to 13% stake in the bank, had to pare its holding before June 2005 to adhere to RBI guidelines. However, it had sought an extension from the regulator. RBI, in its ownership guideline, states that no single corporate entity can hold more than 10% in a bank.
Leyland held 75% stake in Ashok Leyland Finance (ALF).
Following the ALF merger with IndusInd Bank in June last year, its stake rose to 15.3% in the bank.
Another major shareholder in the bank — IndusInd International Holdings (IIHL), a Mauritius-based company_ — holds little over 23%.
IIHL is largely owned by the Hindujas. Promoter and promoter group holding in IndusInd is at 31.34%. To meet the RBI diktat, the promoters will also have to pare their stake further in the bank.
The Akpo field, about 200 km off the Nigerian coast and operated by French energy giant Total, is expected to produce 225,000 barrels of oil a day when it comes on stream in the second half of 2008.
However, the government insisted Sapetro must relinquish the entire block, which was originally set to run through 2008.
End of Article
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