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RBL Bank share price rises over 3% on plan to raise Rs 1,500 crore

Share price of RBL Bank rose 3.2% to Rs 190 against previous close of Rs 184.75 on BSE.

twitter-logoBusinessToday.In | August 20, 2020 | Updated 15:31 IST
RBL Bank share price rises over 3% on plan to raise Rs 1,500 crore
RBL Bank share has gained 2.85% in the last 2 days.

RBL Bank share gained over 3% in trade today amid a report that the lender plans to raise about Rs 1,500 crore ($200 million) through a preferential share offering.

Share price of RBL Bank rose 3.2% to Rs 190 against previous close of Rs 184.75 on BSE. The stock has gained 2.85% returns in the last 2 days.

The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

In a year, the share has lost 53.14%  and fallen 47% since the beginning of this year. Total 10.94 lakh shares changed hands amounting to turnover of Rs 20.62 crore. Market cap of the lender stood at Rs 9,393 crore on BSE.

A Bloomberg report said announcement related to share sale could be made on Thursday when the board meets to consider the allotment. The bank plans to use the proceeds of to improve capital buffers and boost lending over the coming year once the pandemic eases. In Q1, the lender reported a 47 percent fall in June quarter net profit at Rs 141 crore.

Profit fell after bank made excess provisions of Rs 460 crore. The bank said it set aside Rs 240 crore for COVID-19 related provisions, taking the total money set aside due to possible reverses because of the pandemic to Rs 350 crore.

The bank increased its provision coverage ratio (PCR) by setting aside an additional sum of over Rs 200 crore in March. Overall provisions came at Rs 500 crore against Rs 196 crore in the same period a year ago.

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