Representational Pic
Representational Pic

Mumbai: RBL Bank on Thursday has informed the exchanges that Bajaj Finance Ltd, vide their letter dated December 5, 2019 has communicated their decision not to participate in the preferential issue of the Bank.

RBL Bank on December 2, 2019 had informed the exchanges about the meeting of the Capital Raising Committee of the Bank to be held on December 5, 2019 in respect of the qualified Institutions placement of equity shares of face value of Rs. 10 each.

The private lender said its board took note about obtaining regulatory approvals with respect to certain provisions of SEBI ICDR Regulations and it did not appear feasible within the stipulated timelines, for the proposed investment by Bajaj Finance Ltd.

In the meeting held on Thursday, the board approved the closure of QIP for the allocation of 57,700,000 equity shares at an issue price of Rs. 351.

The bank had set an issue price of Rs 351 a share for its Rs 20.25 bn qualified institutional placement of 57.77 mln equity shares. The issue price is at a discount of 0.45% or 1.57 rupees to the floor price of Rs. 352.57 a share.

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