Edited By Anuj Maurya | Updated:
- Holder Bandhan Financial Holdings has decided to sell 33.74 crore shares under block trade
- Bandhan Financial Holdings Limited is the main shareholder in Bandhan Bank
- These shares are being offered at a floor price of Rs 311.1 per share.
- Started its operation like a universal bank in August 2018
Bandhan Bank, the main shareholder of Bandhan Bank Limited, has decided to sell 33.74 crore shares under block trade (Bandhan Financial Holdings Limited selling bandhan bank share). Bandhan Financial Holdings is preparing to raise $ 1.4 billion by selling these shares. These shares are being offered at a floor price of Rs 311.1 per share. That is, a total of 10,500 crore shares are to be sold. Let us tell that Bandhan Bank started its operation like a universal bank in August 2018.
Credit Suisse Securities Private Limited, JP Morgan India Private Limited, Goldman Sachs Securities Private Limited and JM Financial Institutional Securities Limited are strong contenders for the deal. Bandhan Bank is exploring options to reduce promoters’ stake in the bank and bring it up to 40% of paid up equity capital. This fact was also mentioned in Bandhan Bank’s annual report for 2019-20.
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As per the licensing guidelines issued by the Reserve Bank of India, Bandhan Financial Holdings Limited will have to dilute more than 40% of the stipulated shares. Bandhan Bank has said that it has achieved a great success in just 4 years. Let us tell you that on 17 October 2019, the bond of GRFC Finance Housing of HDFC Limited merged with the bank. Bandhan Bank has gained around 47 per cent in FY 2020.