BackGeneral Atlantic to sell part of its stake in IndusInd Bank
General Atlantic arm will sell 6.5 million shares in IndusInd Bank through block deal on Wednesday
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Mumbai: GA Global Investments, an arm of US based private equity firm General Atlantic LLC, will sell 6.5 million shares out of the 25.4 million it holds in private sector IndusInd Bank Ltd through block deal on Wednesday, two people close to the transaction said, requesting anonymity.
General Atlantic is likely to reduce its stake to 3.59% from 4.83% after the transaction, they said.
The deal is likely at Rs612 to Rs618 per share, one of the people said.
“The total size of the deal is around Rs400 crore. It will be completed early tomorrow. Morgan Stanley is helping execute this," this person said.
If successful, the sale could be at a price higher than the bank stocks closing price on Tuesday. IndusInd Bank gained 1.26% to close at Rs613.5 on Tuesday on BSE, while the benchmark Sensex gained 0.57% to close at 27,019.39 points.
Sandeep Naik, managing director at General Atlantic’s Mumbai office, declined to comment.
Romesh Sobti, managing director and chief executive of IndusInd Bank, said he was not aware of any such transaction till late evening.
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