Private equity major General Atlantic has increased its stake in Hindujas-promoted IndusInd Bank by picking just under one per cent stake from the market for Rs 121.5 crore. General Atlantic, which manages $17 billion globally, will increase its stake to over 2.65 per cent in the private sector lender with the latest transaction.

On Thursday, General Atlantic picked up 0.96 per cent stake from Lotus Global Investments (which held 3.58 per cent, as of June) in the markets at Rs 270 per share. The share price of IndusInd Bank was trading at Rs 257.35, down 2.33 per cent at 2:31 pm on the BSE on Friday. The shares closed at Rs 263.5 on Thursday and have reached a 52-week high at Rs 309.3 per scrip.

General Atlantic started to buy into IndusInd earlier this year, increasing its stake from 1.31 per cent in March, 2011, to 1.69 per cent by June, 2011. It had picked up a chunk of its stake in February this year at Rs 218.87 per scrip. Norwest Venture Partners is also another PE investor in the bank with 1.44 per cent stake.

IndusInd Bank, headed by former ABN AMRO Bank executive Ramesh Sobti, reported 32 per cent year-on-year increase in its net interest income to Rs 390 crore, with net profits rising 52 per cent to Rs 180 crore for Q1FY12.

Its total deposits, as of June 30, 2011, were at Rs 35,264.06 crore, as compared to Rs 27,382.43 crore in the corresponding quarter of the previous year, thus recording a growth of 28.78 per cent. IndusInd has a network of 326 branches and 633 ATMs spread across 225 locations, with representative offices in London and Dubai.

Last September, IndusInd had raised $253 million through a qualified institutional placement at a price of Rs 234.55 per share. This came just one year after the firm raised around $100 million through a similar placement of shares to institutional investors at a price of Rs 87.5 per scrip.

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