Lawstreet Journal

Bandhan Bank promoter reduces stake to 40%, sells shares worth over Rs 10,550 crores

Lawstreet Journal 6 Aug 2020 1:05am

Image courtesy: Lawstreet Journal Business Bandhan Bank promoter reduces stake to 40%, sells shares worth over Rs 10,550 crores

On Monday (3rd August), BFHL, the holding company of Bandhan Bank, sold a 20.95% stake worth over Rs 10,550 crore as a part of complying with the regulatory requirements.

More than 33.73 crore shares have been offloaded by the Bandhan Financial Holdings Ltd (BFHL) in the secondary market.

BFHL is a Non-Operative Financial Holding Company (NOFHC) of the lender. It was required to reduce the excess shareholding to 40% of the paid-up voting capital of the bank.

The bank, in a filing to the stock exchange, said that in order to fully comply with the Licensing Guidelines, the NOFHC had informed the bank on 3rd August 2020 that it has diluted that its excess shareholding of 20.95% i.e., 33, 73, 67, 189 equity shares of Rs 10 each fully paid-up in the bank through secondary market sales.

The filing further said that the transaction, the shareholding of NOFHC in the bank has been reduced to 40% of the total paid-up voting capital of the bank and is in compliance with the guidelines and licensing conditions of the bank.

Chandra Shekhar Ghosh, MD, and CEO of Bandhan Bank told PTI that the shares were sold at an average price of Rs 313.35. The investors include GIC Singapore, Temasek, and BlackRock.

The stake is worth a little over Rs 10,571 crore based on the average price.

BFHL’s shareholding in the bank came down from 82.26% to 60.96% after the merger of GRUH Finance Ltd with the bank effective from 17th October 2019 and issuance of fresh equity shares to… Continue Reading...

Tagged: Bandhan Bank  
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