RBL Bank issue gets oversubscribed almost 70 times

The IPO is a combination of fresh issue of shares worth Rs.832 crore and an offer-for-sale for 1.69 crore equity shares worth Rs.380.46 crore. Existing investors including Beacon India Private Equity and GPE will sell shares through the IPO.

Aug 24, 2016 07:08 IST India Infoline News Service

IPO
RBL Bank Ltd received a stellar response to its Rs.1,211 crore initial public offering (IPO) that closed on Tuesday. The 3-day issue drew subscriptions which were almost 70 times the issue size excluding the anchor allotment registering the highest overall subscription among IPOs of private sector banks.

The IPO is a combination of fresh issue of shares worth Rs.832 crore and an offer-for-sale for 1.69 crore equity shares worth Rs.380.46 crore. Existing investors including Beacon India Private Equity and GPE will sell shares through the IPO.

The price band for the IPO is fixed at Rs.224-225 a share.

RBL Bank will get around Rs.830 crore from the IPO, which it will use to augment its tier-I capital to help fuel future growth.

The Bank has made a pre-IPO placement of 25,000,000 Equity Shares to the following  investors at a price of Rs.195 per equity share: CDC Group PLC (1,600,000 equity shares), DVI Fund (Mauritius) Limited (3,690,231 equity shares), Rimco (Mauritius) Limited (3,301,521 equity shares) on October 31, 2015; and to Asian Development Bank (14,350,000 equity shares), CDC Group PLC (680,682 equity shares) and DVI Fund (Mauritius) Limited (1,377,566 equity shares) on December 16, 2015.

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