IndusInd Bank witnessed a 4.20% rise in its share price to an intraday high of ₹971.10 on Friday as the bank disclosed that it wants to sell off microfinance loans amounting to ₹1,573 crores.
The bank will auction these non-performing assets through public bidding. The growing stress in the microfinance sector has been growing, leading to this decision of the bank.
The auction document indicated that the bank has invited bids on a full cash basis from interested entities. The bank has set the reserve price for the distressed assets at ₹85 crores, translating to a recovery of 5.04%.
At close on Friday, the shares of IndusInd Bank were 2.30% higher at ₹953.40 per share as compared to the previous close of ₹931.95 per share on the National Stock Exchange (NSE).
Summary:
IndusInd Bank shares rose 4.20% on Friday as the bank plans to sell off non-performing assets of its microfinance segment amounting to ₹1,573 crores.
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