Singapore autonomous wealth finance GIC Pte Ltd has raised its position at Bandhan Bank while its sister issue Temasek Holdings has also picked up a stake at the private-sector lender.
Chandrashekhar Ghosh-led Bandhan Bank stated in a stock-exchange submitting that its primary shareholder, Bandhan Financial Holdings Ltd, marketed a 20.95% stake from the bank to fulfill with the Reserve Bank of all India’s licensing instructions.
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The RBI criteria demanded Bandhan Financial to decrease its position from the microlender-turned-bank to 40% over three decades of starting business, also to 20% in 10 years and to 15% in 15 years.
The bank currently complies with the licensing requirements, it stated.
Bandhan Financial sold about 337.37 million shares at a price of Rs 313-315 apiece for a total of Rs 10,563 crore ($1.4 billion) to seven shareholders, stock-exchange figures show.
Stocks of Bandhan Bank were investing apartment approximately Rs 309 apiece on Tuesday at a solid Mumbai marketplace.
GIC, that held a 4.9% stake in Bandhan Bank in the end of June, picked up 40.07 million shares on Monday for Rs ,254.6 ($167 million). This may take its position from the bank nearer to 7.4%.
Singapore country investor Temasek bought stocks worth Rs 769.60 crore ($102.5 million) while Credit Suisse picked up stocks for Rs 798.41 crore and Societe Generale put in Rs 515.05 crore.
JP Morgan Chase & Co picked up shares worth Rs 391.92 crore and Morgan Stanley Asia purchased stocks for Rs 256 crore. Bandhan Employees Welfare Trust picked up stocks worth Rs 293.86 crore.
Bandhan Bank went public in March 2018 following an initial public offering which has been dispersed almost 15 times.
Back in September 2018, the RBI had barred Bandhan Bank from opening new branches with no prior approval following the creditor failed to deliver down Bandhan Financial’s stake. The RBI increased the curbs in February this year.
This past year, Bandhan Bank agreed to acquire Housing Development Finance Corporation Ltd-controlled Gruh Finance Ltd to increase its housing loan company and allow it to decrease promoter holding. HDFC retains a 9.9% stake in Bandhan Bank.
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