In a media interaction on Friday, he said IIHL was in the process of increasing its stake from 15 per cent to 26 per cent in IndusInd Bank and was looking to acquire smaller-sized banks in various European countries.
"We have received the letter from the Reserve Bank of India (RBI), which clearly (asked us) to follow the process (to raise stake in IndusInd Bank), (in accordance with) guidelines. The various forms have been completed. The same has gone to IndusInd Bank. The bank has also cleared it through its board. Now it has gone to the regulator. I am hoping that maybe in a week or two, we should get their response," Hinduja said.
"Once we get that, we'll start the process of raising capital through the bank or through the market or we'll create a combination," he added.
IIHL, which had a net worth of $2.04 billion as of March this year, will increase its stake in tranches in IndusInd Bank, whose market valuation was 1.15 trillion as of Friday, with its share price closing at â¹1,482 a share.
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