Private equity major General Atlantic Global Investments is planning to sell 6.5 million shares of private sector lender IndusInd Bank, people familiar with the development told Business Standard.
The offer price is expected to be in the price band of Rs 612-618 a share, which works out to about Rs 400 crore.
Currently, GA Global holds 4.3 per cent stake in the bank, which amounts to a total shares of about 25 million. Based on Tuesday's closing share price of Rs 613.50, GA Global's total stake is valued at Rs 1,559.5 crore.
Apart from the promoter group, GA Global is the largest shareholder in the bank, followed by others such as Bridge India Fund, Life Insurance Corporation of India, and Goldman Sachs Investments.
The private equity firm also has stake in other firms such as And Designs India Ltd, Jubilant Life Sciences, Sharekhan, Red Ventures, Infotech etc.
An IndusInd Bank spokesperson said the bank does not comment on share sale deals.
In the quarter ended June, the bank had reported a 26 per cent increase in net profit to Rs 421.06 crore for the quarter ended June on the back of an improved income from fees and commission. IndusInd Bank's managing director Ramesh Sobti had earlier clarified that unlike several other banks, the lender does not have any immediate plans to raise capital.
