Hinduja Group sells 4.7 lakh IndusInd Bank scrips to group entity

MUMBAI: Hinduja Group Ltd today sold 4.70 lakh shares of private sector lender IndusInd Bank to another group entity Hinduja Ventures for Rs 21.15 crore via the open market route.

IndusInd Bank, among the first new generation private sector banks that obtained a licence in 1994, was conceptualised by Srichand P Hinduja, Hinduja Group chairman.

IndusInd Bank shares were bought at an average price of Rs 450 apiece amounting to Rs 21.15 crore, according to block deal information with the stock exchanges.

Through Global Investments, the Hinduja Group is a major player in automotive manufacturing, financial services, banking, trading, oil, media & communications, among others.

IndusInd Bank shares today surged 5.68 per cent to close Rs 469.15 apiece, on the BSE.