RBL Bank to raise Rs826cr via private placement

A total of Rs826cr will be raised via preferential allotment to five select investors--Bajaj Finance, East Bridge Capital Master Fund I, FEG Mauritius FPI, Ward Ferry Management-controlled hedge fund WF Asian Reconnaissance Fund, and Asia-focused stock hedge fund lshana Capital.

Dec 02, 2019 03:12 IST India Infoline News Service

RBL Bank

The board of RBL Bank approved raising of funds by issuing of equity shares of the Bank on a private placement basis on Saturday.

A total of Rs826cr will be raised via preferential allotment to five select investors--Bajaj Finance, East Bridge Capital Master Fund I, FEG Mauritius FPI, Ward Ferry Management-controlled hedge fund WF Asian Reconnaissance Fund, and Asia-focused stock hedge fund lshana Capital.

The bank’s board has agreed to allot 24.24mn shares at Rs340.7/share on a private-placement basis in accordance with the provisions of the Companies Act, 2013, and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Further, the board, based on the recommendation of the Nomination Committee, has appointed Ms. Ranjana Agarwal as an Additional and Independent Director of the Bank w.e.f. November 30, 2019, for a term of 5 years subject to the approval of the shareholders of the Bank.

RBL Bank Ltd ended at Rs373.80 down by Rs7.2 or 1.89% from its previous closing of Rs381 on the BSE.

The scrip opened at Rs387.40 and touched a high and low of Rs387.40 and Rs366.50 respectively. A total of 1,99,92,304 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs16,101.07cr.

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