Latest News
-
Rs 7.50/Share Dividend: Adani Group Cement Company Reports Strong Q4 Results; Profit Surges 2x YoY -
Closing Bell: Market Rebounds To End With Gains For 5th Straight Day; Sensex & Nifty Soar Led By Banks -
Gold Prices Ayodhya: In Ram-Janma-Bhumi, 24carat Falls By Rs 380 In 10-Grams, Drops By Rs 3,800 In 100-gram -
Penny Stock Hits 2nd Upper Circuit After Declaring Earnings, Gains 14% In 1-Week -
Rs 8.50/Share Dividend Recommended: Nestle India Reports 27% YoY Jump In Profit -
0.50% Dividend Yield: Midcap Cement Stock Slumps 10% Following Weak Q4 Results; Profit Down 48% YoY -
1:10 Split, Rs 147/Share Dividend: FMCG Major Likely To Report Profit Growth; Buy Or Sell? -
Mark Zuckerberg's Meta Reports Record Q1 Profit Surge, Projects AI Investments This Year; Stock Slumps -
Gold Prices India: 24K/100 Grams Yellow Metal Falls By Rs 3800, 24K/10 Grams Down By Rs 380 -
Rs 44,000 Crore M-Cap Lost, Stock Falls 10%, No More 4th Largest Bank; How RBI's Ban Rocked Kotak
Bandhan Bank Falls 9% On Block Deals By Promoter
The report said that the block deals would be executed to bring down promoter shareholding in the bank to meet the Reserve Bank of India's (RBI) norms.
Bandhan Financial Holdings owned 60.95 percent stake in the bank as on Friday, and will reportedly be selling 337 million shares representing a 20.95 percent stake through the share sale, as per terms of the deal seen by Mint.
A floor price of Rs 311.1 per share has been set for the share sale, the report said, which is a discount of 9.89 percent to Friday's closing price of Rs 345.25 apiece.
Investment banks Credit Suisse, JP Morgan, Goldman Sachs and JM Financial are advising Bandhan Financial Holdings on the share sale, it said.
As per RBI's bank license norms, promoter's shareholding in a bank has to be brought down to 40 percent in three years of launching operations.
Bandhan's three-year deadline ended in September 2018, post which the central bank had imposed restrictions on the expansion of branch network and CEO remuneration. However, citing the efforts made by the bank in reducing its promoter shareholding, RBI lifted the restrictions in February 2020, with certain conditions.
