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Bandhan Bank share price falls over 8% after promoter sells shares worth Rs 10,500 crore

Share price of Bandhan Bank lost 8.43% or  Rs 29 to Rs 316 compared to the previous close of Rs 345.25 on BSE. The large cap stock opened lower at Rs 321 on BSE

twitter-logoBusinessToday.In | August 3, 2020 | Updated 09:55 IST
Bandhan Bank share falls over 8% after promoter sells shares worth Rs 10,500 crore
Bandhan Bank share has lost 32.12% in last one year and fallen 37.78% since the beginning of this year. The stock has fallen after 2 days of consecutive gain

Bandhan Bank share price fell in early trade today after its main promoter Bandhan Financial Holdings sold 337.4 million shares in the Indian lender. Shares were worth Rs 10,500 crore changed hands in a block deal in early trade today. The floor price is about 10 per cent lower than Bandhan Bank's Friday closing price of Rs 345.25.

Share price of Bandhan Bank lost 8.43% or  Rs 29 to Rs 316 compared to the previous close of Rs 345.25 on BSE. The large cap stock opened lower at Rs 321 on BSE.

Market capitalisation of the lender fell to Rs 50,893 crore.

Total 3,566 shares changed hands amounting to turnover of Rs 11,181 crore today.

Bandhan Bank promoter to sell stake worth Rs 10,500 crore via block deal

The share has lost 32.12% in last one year and fallen 37.78% since the beginning of this year. The stock has fallen after 2 days of consecutive gain.

On NSE, the stock was trading 8.35% or Rs 28.80 lower at Rs 316.30 compared to the previous close of Rs 345.10.  It opened at Rs 320.85 on Nifty.

Bandhan Financial Holdings Limited (BFHL or NOFHC) which owns 60.95 per cent stake in the lender, is expected to offload about 20.95 per cent stake in Bandhan Bank.

The share sale is a part of the lender's effort to lower promoter shareholding to meet the Reserve Bank of India (RBI) regulatory norms.

According to RBI's new bank licensing norms, banks have to lower the promoter holding to 40 per cent within three years from the date of commencement of business.

The Kolkata-based private sector lender started operations as a universal bank on August 22, 2018. Bandhan Bank, which transformed itself from a micro-finance lender to a universal bank, has two types of banking outlets -- bank branches catering to general banking customers and Banking Units (BU) that cater to micro banking customers.

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