Shares of RBL Bank gained over 5 per cent in early trade today after College Retirement Equity Fund bought 45,84,678 shares or 0.7 per cent stake in the lender. RBL Bank stock rose 5.03 per cent to Rs 128.40 against the previous close of Rs 122.25 on BSE. The stock hit a 52-week low of Rs 74.15 on June 20, 2022 and a 52-week high of Rs 221.20 on November 10, 2021.
In a year, the share has lost 20.68 per cent and risen 0.83 per cent since the beginning of this year. Total 28.14 lakh shares changed hands amounting to turnover of Rs 35.20 crore. Market cap of the lender rose to Rs 7,580.87 crore on BSE.
The stake in the lender was bought via open market transactions at an average price of Rs 108.86 per share.
The banking stock has gained over 34 per cent in the last three sessions. The stock, which closed at Rs 97.85 on August 22, rose to a high of Rs 131.30 today, translating into a rise of 34.18 per cent during the period.
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The rally in the stock ws triggered after the bank's board on August 22 cleared raising of up to Rs 3,000 crore to fund its business growth. The fund raising will be subject to the approval of the shareholders, the bank said.
The announcement was made after market hours on August 22.
"Issue of debt securities on private placement basis, from time to time, upto an amount of Rs 3,000 crore, subject to the approval of the Members of the Bank at the ensuing Annual General Meeting of the Bank, pursuant to Section 42 and other applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations," said RBL Bank.
The board has also cleared issuing of 1.75 crore additional equity stock options exercisable into equivalent number of equity shares fully paid up of Rs 10 each, in addition to residual/remaining options which remain ungranted under ESOP 2018.
In a related development, RBL Bank on August 22 said they have further sold 3 lakh equity shares representing 0.87% of the paid-up share capital of Kilburn Engineering.
The bank has been selling shares in Kilburn from May 17, 2022 and August 22, 2022.
The private sector lender posted Rs 201 crore profit for the quarter ended June 30, 2022 against a net loss of Rs 459 crore in the year-ago period. Net interest income (NII) climbed 6 per cent to Rs 1027.1 crore in Q1 against Rs 969.5 crore in the corresponding period last fiscal. Net interest margin (NIM) stood at 4.36 per cent.
Interest earned rose over 3 per cent to Rs 2,089 crore in Q1FY23 against Rs 2,026 crore in Q1FY22. June quarter provisions and contingencies fell to Rs 253 crore against Rs 1,384 crore in the same quarter last fiscal.
As of June 30, 2022, the bank had 502 bank branches and 1,302 business correspondent branches, of which 289 were banking outlets. RBL Finserve, a 100% subsidiary of the lender , accounts for 789 business correspondent branches.
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