2876 Investors following Bk Of Rajasthan. Share this News with them.
0
Like this story, share it with millions of investors on M3
Promoter's stake to come down to 22% from 28% post QIP: BoR
PK Tayal said Bank of Rajasthan had received the shareholders’ approval for a QIP upto Rs 250 crore. However, clearance from the Securities and Exchange Board of India was awaited.
A: Let me first clear this misunderstanding; I am not important, but the institution is-let the misunderstanding be first cleared and then we can join the board.
Q: This Rs 250 crore QIP would dilute promoter stake right? By what degree?
A: Right; it would dilute the promoter stake.
Q: So you have resigned as the chairman of the bank?
A: I retired in December 2006 and there after I had not joined the bank's board.
Q: So what is your share holding now?
A: My share holding in my group is 28%.
Q: And in Bank of Rajasthan?
A: Yes that is 28%.
Q: How much will that come down to post QIP?
A: My own stake may come down to 20-22% or so.
Q: You think given the cloud which has come over your bank in the last few days, this is an appropriate time to raise money from investors?
A: Once the misunderstanding is cleared, the investors would definitely know and that is the reason yesterday the shareholders thought its proper and the bank is strong and why not take the opportunity at this time where the share price is so low. Today, you see a strong bank with Rs 1,100 crore of networth and a strong working the bank which was once Rs 6 crore networth in 1999 and the share price today is below the book value. So this is the real opportunity for the shareholders to take the advantage.
