Credo India Fund buys 19 lakh IndusInd Bk shares for Rs 77 cr

Foreign institutional investor Credo India Thematic Fund Ltd today acquired 19 lakh shares of IndusInd Bank in an open market transaction for nearly Rs 77 crore.

Credo, which held 1.53 crore shares or 3.28 per cent stake in IndusInd Bank at the end of September quarter, bought 19 lakh shares in the private sector lender, as per block deal data on the stock exchanges.

Credo India Thematic Fund is a sub-account of FII Credo Fund Management Ltd.

The shares were purchased at an average price of Rs 405 apiece aggregating to a deal size of Rs 76.95 crore.

The shares were acquired from Banque Profile De Gestion Sa, one of the shareholders of the bank. At the end of July-September quarter, the entity owned 1.24 crore shares or 2.65 per cent holding in IndusInd Bank.

Earlier this week, Credo had bought 28.6 lakh shares in the private bank for about Rs 119 crore from Banque Profile De Gestion Sa.

The IndusInd Bank scrip rose 0.9 per cent to settle at Rs 408.65 apiece on the BSE.

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