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Private sector lender RBL Bank on Friday said it has raised ₹2,025 crore from the qualified institutional placement (QIP).
It was conducted at an issue price of ₹351 per share (including premium of ₹341) following the allotment of 5.77 crore equity shares.
“The QIP increases the bank’s total Capital Adequacy Ratio to 15.3 per cent, Core Equity Tier I Ratio to 14.3 per cent, enabling it to remain capitalised well above the regulatory limits,” the lender said in a statement.
The bank had received approval from its board of directors to raise capital on April 18 this year, followed by approval from its shareholders at its AGM held on July 9, 2019
The issue saw strong demand from domestic as well as foreign QIBs, RBL bank said, adding that the overall allocation to domestic investors including mutual funds and insurance companies is about 60 per cent with the balance allocated to foreign institutional investors in Asia and Europe.
The QIP also saw participation from RBL Bank’s credit card partner Bajaj Finance as well as other new investors especially long only foreign institutional investors that has diversified the shareholder base.
The shares of RBL Bank closed at Rs 337.60, down 7.61 per cent on Bombay Stock Exchange (BSE) today.
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