IndusInd Bank shares rose 2.5% in Thursday's trade after the private lender said Sebi has granted one-month extension for its promoters to infuse residual capital in lieu of conversion of warrants, issued to them last year, worth over Rs 2,695 crore into equity.
In a regulatory filing on December 16, IndusInd Bank said it had issued convertible warrants to its promoters--IndusInd International Holdings ltd (IIHL) and its subsidiary IndusInd Ltd (IL) on July 6, 2019, under the composite scheme of arrangement for a total amount of Rs 2,695.26 crore for 1,57,70,985 share warrants.
The promoters had paid Rs 673.82 crore towards warrant subscription for the price -- 25% of the warrant price of Rs 1,709 per share.
Following the news, shares of IndusInd Bank opened at Rs 913 and later climbed 2.54% to an intraday high of Rs 948 as against the last closing of Rs 924.50.
Shares of IndusInd Bank trade higher than 5, 20, 50, 100 and 200-day moving averages.
The stock price of IndusInd Bank has risen 2.7% in one week and 19% in one month. Market capitalisation of the lender stood at Rs 71,215.13 crore today. The stock of the troubled lender touched a 52-week high of Rs 1,586.55 and a 52-week low of Rs 235.60.
In another update, IndusInd Bank announced today the launch of its first metal credit card - 'PIONEER Heritage' in partnership with Mastercard, for the bank's ultra-high net worth segment of customers.