Mar 6: Private Sector Bandhan Bank has got approval for its Rs 2500 cr public issue from markets regulator, Securities and Exchange Board of India (SEBI).
The bank had filed its papers with SEBI on January 1. The bank plans to issue fresh 9,76,63,910 equity shares and is considered the biggest banking sector IPO till date.
The equities will be listed on BSE and NSE. Lead managers to the issue are Kotak Mahindra Captial Company Ltd, Axis Capital Co Ltd, Goldman Sachs (India) Securities Pvt Ltd, J M Financial Institutional Securities and JP Morgan India Pvt Ltd.
Bandhan Bank , the wholly owned subsidiary of Bandhan Financial Holdings Ltd, was a micro-financial institution before turning into a universla bank. it obtained banking license in April 2014 from Reserve Bank of Inda. It started with a capital base of Rs 2570 cr and it was raised to Rs 4, 446 cr by March 2017.
The product range of the bank include deposits, loans and NRI Banking.