According to a filing, regulator SEBI granted IndusInd Bank promoters with an additional two weeks for residual capital injection instead of conversion of warrants issued to them last year valued over Rs 2,695 crore.
On July 6, 2019, under the composite scheme of the arrangement, IndusInd Bank issued convertible warrants to its promoters IndusInd International Holdings ltd (IIHL) and its subsidiary IndusInd Ltd (IL) for a total sum of Rs 2,695.26 crore for 1,57,70,985 share warrants. Rs 673.82 crore were paid by the promoters towards warrant subscription for the price — 25 per cent of the warrant price of Rs 1,709 per share.
Last month, from the earlier deadline of January 5, 2021, the market regulator granted an additional one month of time to the bank promoters. A further duration of two weeks has been allowed by the Securities and Exchange Board of India (SEBI) beyond the extension of one month earlier granted on 4 February 2021, IndusInd Bank said in its regulatory filing. Therefore, the extension has now been granted until 18 February.
The bank posted a negative impact of 53.2 per cent in net profit to Rs 647.04 crore on a 1.6 per cent decrease in total revenue to Rs 8,731.05 crore in Q2 FY21 over Q2 FY20.