Mumbai : Kolkata-based Bandhan Bank on Thursday said it will launch an initial public offering (IPO) of up to Rs 4,473 crore on March 15.
The private sector lender will sell over 119.28 million equity shares valued between Rs 4,430 crore and Rs 4,473 crore at a price band of Rs 370-375 per share.
The IPO, which will close on March 19, will comprise a fresh issue of 97,663,910 shares, an offer for sale for up to 14,050,780 shares by World Bank-controlled International Finance Corp (IFC) and up to 7,565,804 shares by the IFC FIG Investment Co. The bank’s holding after the IPO will be diluted to around 82 per cent, from around 89 per cent at present.
“The entire proceeds of the offer, which will close on March 19, would be utilised for capital requirements,” the banks’ founder, managing director and chief executive officer Chandra Shekhar Ghosh said. He added that as per the RBI licensing commission, “we must be listed within three years”.
The bank, which had transferred its entire microfinance business to Bandhan Financial Services in 2009, received RBI approval to start banking operations in April 2014 and started its operations in August 2015.
As of December 31, 2017, Bandhan Bank’s deposits stood at Rs 25,293 crore.
