IndusInd Bank has refuted reports of a purported takeover by Kotak Mahindra Bank, after media reports suggested that the two private lenders are engagd in merger talks. IndusInd Bank said that its promoters, the Hinduja brothers and several other NRIs, continue to support the bank. It further said that the reports of a takeover are "malicious, untrue and baseless"."The promoter of Indusind Bank, IndusInd International Holdings Ltd, completely denies the said rumour and considers it malicious, untrue and baseless. IIHL is promoted by the Hindujas and a broad base of other successful NRIs from the overseas Indian diaspora. They reiterate their full support to the IndusInd Bank, now and always," the promoters of IndusInd Bank told BusinessToday.In. "The promoter reaffirms its unstinted support to Indusind Bank."The promoters further stated that they have supported IndusInd Bank during financial crises of the past and will continue to do so in the future.
Earlier today, Bloomberg had reported that Uday Kotak is planning an all-stock acquisition of IndusInd Bank and had initiated talks with the founders of the lender for the same.