Print   Close

Singapore's Caladium hikes stake in Bandhan Bank to 7.79%

BusinessToday.In     August 4, 2020

Caladium Investments, an affiliate of Singapore's GIC, has raised its stake in private sector lender Bandhan Bank to 7.79 per cent from 4.49 per cent earlier. The acquisition of shares was done through open market on August 3, Bandhan Bank said in a regulatory filing.

Caladium Investment, an affiliate of Singapore's sovereign wealth fund, now owns 12.54 crore equity shares in the Kolkata-based bank.

Earlier on Monday, Bandhan Bank's main shareholder Bandhan Financial Holdings Limited (BFHL or NOFHC) sold Rs 10,500 crore worth of equity stake in the private sector lender through a block deal. The promoter, which owned 60.95 per cent shares in the lender, offloaded about 20.95 per cent stake in Bandhan Bank. The block deal involved selling 33.74 crore shares in the lender at a floor price of Rs 311 per share, a discount of 10 per cent against Friday closing price of Rs 345.25.

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

The move was part of the bank's effort to bring down promoter shareholding in the lender to meet the Reserve Bank of India (RBI) regulatory norms. As per the RBI's new banking licensing norms, banks have to bring down the promoter holding to 40 per cent within three years from the date of commencement of business. Bandhan Bank started operations as a universal bank on August 22, 2018.

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

Meanwhile, Bandhan Bank shares closed Tuesday's trade at Rs 306.90, down 0.57 per cent, against previous closing price of Rs 308.65 on the Bombay Stock Exchange.

By Chitranjan Kumar


URL for this article :
https://www.businesstoday.in/current/corporate/singapore-caladium-hikes-stake-in-bandhan-bank-to-779/story/411993.html
 
@ Copyright 2019 India Today Group.