IndusInd Bank stock is in focus as the promoters have sought another 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.
IndusInd has paid about Rs 674 crore for 25 percent of the warrants that they subscribed. Therefore, the balance 75 percent needs to be paid at a conversion price of about Rs 1,709 per share.
IndusInd Bank 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 stock is also buzzing given the fact that Morgan Stanley has upgraded stock to overweight from equal-weight.
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