Bandhan Bank promoter sells 21% stake to meet RBI norm
Bandhan Financial Holdings Limited has lowered its stake in Bandhan Bank by 20.95 per cent through a block deal to meet the Reserve Bank of India's (RBI) licensing norms for new private sector banks.
Post the deal, the holding company's stake in the bank is at 40 per cent, the bank said in a regulatory filing.
As per the licensing guidelines, the non-operative financial holding company (NOFHC) was required to bring its excess shareholding to 40 per cent of the paid-up voting equity capital of the bank.
"In order to be fully compliant with the Licensing Guidelines, the NOFHC has today i.e. August 03, 2020 informed the bank that it has diluted its excess shareholding of 20.95 per cent i.e. 33,73,67,189 equity shares of Rs 10 each fully paid-up in the bank through secondary market sale," it said.
Bandhan Bank said that it had been exploring various options to bring the shareholding to the prescribed level.
Pursuant to amalgamation of GRUH Finance Limited into and with the bank effective from October last year and consequent to issuance of fresh equity shares to the shareholders of GRUH, the shareholding of the holding company diluted from 82.26 per cent to 60.96 per cent of its paid-up voting equity share capital, the filing said.
Shares price of the bank on Monday plunged 10.60 per cent on the BSE to close at Rs 308.65 per share. - IANS