Bandhan Bank shares dropped 9.3 per cent to Rs 313 on BSE on Monday, after approximately 21 per cent of the bank’s equity changed hands on NSE and BSE via block transactions.
Investment banks Credit Suisse, JP Morgan, Goldman Sachs and JM Financial advise on the selling of stock through Bandhan Financial Resources.
While buyers including sellers specifics were not available, Bandhan Financial Holdings, the promoter of the firm, which continues to hold a 60.95 percent stake in the business, was scheduled to sell up to 337.40 million shares via a block deal view to reducing its stake in the bank to meet regulatory requirements.
Bandhan Bank’s major shareholder, Bandhan Financial Holdings, today offered to sell 337.4 million securities in a block trade to earn $1.4bn.
The market price of the bank has risen 69.5 per cent on the BSE, opposed to 28 per cent on the S&P BSE Sensex for the financial year 2020-21.
The operating profit grew by 17% at Rs 1,584 crore compared to Rs 1,356 crore in the same timeframe, with net interest margin rising by 15% at Rs 1,811 crore.
According to the reports the block transactions will be conducted to carry down the bank ‘s shareholder shareholding to fulfill the requirements of the Reserve Bank of India (RBI).
