On July 4, IndusInd Bank shares rose over 1%, reaching a 52-week high of Rs 1,393.65, after receiving board approval for the promoter to increase its stake.

On Monday, IndusInd International Holdings Limited (IIHL), which is the promoter of IndusInd Bank, said that its board permitted an appraisal of up to $1.5 billion, thus raising its stake in IndusInd Bank to 26% from the current 15%. This will support funding the acquisition of Reliance Capital. IndusInd Bank shares traded 0.6% higher at Rs 1,387.95 on the BSE.

This strategic verdict allows IIHL to discover numerous opportunities for increasing its business in India and other worldwide regions, specifically in the BFSI sector. IIHL’s ambitions will not face any confines regarding capital, as raising funds is not a concern.

IIHL specified that international sovereign and private equity funds had shown attention in joining IIHL’s growth journey. The company plans to go public next year, offering trading opportunities for long-standing shareholders who have been with the firm for over 30 years.

Also, IIHL has newly acquired a majority stake in a Commonwealth of The Bahamas bank. It has also found in-principle approval for a banking license in Mauritius, discovering options to establish a new bank or pursue acquisitions. Furthermore, the firm actively follows the acquisition of Asset Management and Wealth Management businesses to complement its existing BFSI suite.