RBL Bank eyes Rs 1230 cr in first Private lender IPO in a Decade

Kolhapur-headquartered RBL Bank announced Rs 1,230 crore Initial Public Offer that will hit the market on August 19, said the media reports. Formerly known as Ratnakar Bank, RBL Bank has fixed a price band of Rs 224-225 for the share sale.Get live Indian Stock Market News Updates visit us : http://www.ripplesadvisory.com/aboutus.php or Get Two Days Free Trial just on One Missed Call @98-27-80-80-90 

The IPO plan includes raising up to Rs 832.5 crore through the issue of fresh shares and up to Rs 380 crore in an offer for sale by existing shareholders. It will be the first IPO by a private bank in more than a decade, said the media reports. 

 

The share sale, accounting for 10-11 per cent stake, will give the bank a valuation of over Rs 12,000 crore. RBL Bank had made a pre-IPO placement of 2.5 crore equity shares at Rs 195 per share last year to CDC Group, DVI Fund, Rimco and Asian Development Bank, reported PTI. 

 

Managing director and CEO Vishwavir Ahuja said the foreign shareholding in the bank will stay at 49 per cent post-IPO as well, even though the lender has internal approvals to raise it till 74 per cent.