Baring PE Asia Seeks To Exit RBL Bank Via Rs 1,081 Crore Share Sale
The foreign portfolio investor, through its vehicle Maple II BV, has offered to sell 4.78 crore shares at a floor price of Rs 226 per share.
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Hong Kong-based Baring Private Equity Asia plans to exit RBL Bank Ltd. by divesting its entire 7.9% equity via open market transactions on Thursday. The foreign portfolio investor, through its vehicle Maple II BV, has offered to sell 4.78 crore shares at a floor price of Rs 226 per share, according to people in the know.
The share sale amounts to Rs 1,081 crore. IIFL Securities Ltd. will be the sole broker in the deal.
The bank reported a 29% rise in net profit in the June quarter at Rs 372 crore, meeting the Bloomberg estimate of Rs 344.5 crore. Net interest income advanced 20% to Rs 1,700 crore versus Rs 1,422 crore in the same period last fiscal.
Last month, RBL Bank said it would raise up to Rs 6,500 crore through a mix of equity and debt instruments. The private sector lender will seek up to Rs 3,500 crore through qualified institutional placement of shares in one or more tranches.
Shares of RBL Bank closed 0.74% higher at Rs 237.4 apiece ahead of the announcement, as compared to a 0.35% decline in the benchmark BSE Sensex.
