IndusInd Bank Considering Sale Of 2.86% Stake In Nippon AMC For Rs 762 Cr In Block Deal: Sources

IndusInd Bank is considering selling approximately 1.79 crore shares, constituting a 2.86 per cent stake, in Nippon AMC through a block deal, as reported by a media house on 19 December, citing inside sources.

The block deal's base price has been set at Rs 426.60 per share, marking a 5 per cent discount compared to the current market value. The proposed sale of the Nippon AMC stake amounts to a substantial Rs 762 crore.

Emkay Global Financial, expressing optimism about IndusInd Bank, has recommended a buy rating for the stock with a target price of Rs 2000, as stated in its research report dated 19 December 2023.

For the July-September quarter of the ongoing fiscal year, the private sector lender IndusInd Bank reported a net profit of Rs 2202 crore, exhibiting a 22 per cent increase from the corresponding period last year, surpassing market expectations of Rs 2,128 crore.

During the trading session on 19 December, the share price of IndusInd Bank closed at Rs 1566.55 per share on the NSE, marking a 0.66 per cent or Rs 10.20 rise from the previous day's closing price.