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Bandhan Bank Market Cap Touches Rs 1 Lakh Crore

By Staff
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On Wednesday, Bandhan Bank's market capitalisation hit Rs 1 lakh crore on BSE as an effect of its merger with Gruh Finance.

 

Bandhan Bank Market Cap Touches Rs 1 Lakh Crore

Shares of Bandhan Bank touched an intra-day high of Rs 623.75 despite trading lower than its previous close of Rs 624.25 throughout the day over news of penalty imposed on the private lender by the Reserve Bank of India (RBI).

It listed 41.69 crore new shares on the exchanges on Wednesday, according to an Economic Times report, raising the bank's market cap to Rs 1 lakh crore from the previous day's Rs 74,390 crore.

RBI imposed a fine of Rs 1 crore on the bank for violating banking license guidelines, that is, failing to bring down the promoter's shareholding stake down to 40 percent.

Bandhan Bank, which started as a micro-finance firm, was given permission to function as a commercial bank in 2015. As per RBI's guidelines, it was supposed to bring down Bandhan Financial Holdings Limited's (promoter) stake to 40 percent in three years time from the date of commencement of business, that is August 2018.

The bank's merger with Gruh Finance, that was hoped to help comply with the regulation, only brought down the shareholding to 61 percent from 82.28 percent.

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