Route One Fund divest 1.54% stake in IndusInd Bank for ₹1,401 cr
Premium- It has offloaded 120,00000 shares which amounts to 1.54 per cent stake in IndusInd Bank
US-based hedge fund Route One Fund I LP on Tuesday divested 1.54 per cent stake in IndusInd Bank for ₹1,401 crore.
This was done through open market operations.
The US-based hedge fund Route One Fund I LP has offloaded 120,00000 shares which amounts to 1.54 per cent stake in IndusInd Bank, as per the data available with the National Stock Exchange (NSE).
The shares were disposed of at an average price of ₹1,168.26 apiece, taking the transaction value to ₹1,401.91 crore. As of June end, the FII held a 2.75% stake in the bank.
Meanwhile, Goldman Sachs Investment (Mauritius) I Ltd picked up over 69 lakh shares of the company.
As of the June quarter, Route One Fund I LP held a 2.75 per cent stake in IndusInd Bank, shareholding data showed with the bourse.
Following the announcement, shares of IndusInd Bank dropped 3.70 per cent to ₹1,165.45 on Tuesday on BSE. On NSE, the scrip ended 3.76 percent lower at ₹1,164.80 per piece. The scrip settled at 1,210.30 in the previous session on NSE.
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On a YTD basis, IndusInd shares have yielded over 31% return, while the Nifty Private Bank index, during the same time, delivered 11.25% gains.
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