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Bandhan Bank set to take IPO route

Author: IANS/Friday, March 9, 2018/Categories: Banking & Financial Services

Bandhan Bank set to take IPO route

Kolkata - Bandhan Bank Ltd is set to raise up to Rs 4,473 crore through the launch of initial public offering (IPO) of over 11.92 crore shares on March 15 as the lender fixed the upper band of price at Rs 375 per equity share, according to a public notice released.

According to the notice, the lender has set a price band of Rs 370 to Rs 375 per equity share with face value of Rs 10 each and of the total issue size of 11.92 crore shares.

The bank will be issuing fresh 9.76 crore equity shares and an offer for sale of up to 1.40 crore shares by the International Finance Corporation (IFC) and 75.65 lakh shares by IFC FIG Investment Company. The two entities are minor stakeholders of the Bandhan Bank.

The offer will open next Thursday (March 15) and close on March 19.

The Kolkata-based lender had filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed IPO in January and obtained "observations" from the regulator on February 28.

The book running lead managers to the issue are Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, JM Financial Institutional Securities Ltd and J.P. Morgan India Private Ltd.

The issue of Bandhan Bank, which transformed from a micro-finance entity, is said to be the biggest banking IPO by a local bank.

In April 2014, the Reserve Bank of India had granted a banking licence to Bandhan Financial Services as well as to IDFC.

Bandhan Financial Holdings has 89.76% stake in the bank, Caladium Investment holds 4.99%, IFC 3.21% and IFC FIG 0.32%.

Caladium Investment, an affiliate of GIC Singapore, will not be diluting its stake in the IPO.

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