The Rs 1213 crore public issue of RBL Bank, which was earlier known as Ratnakar Bank was oversubscribed 69.62 times on overwhelming response from investors.
As of 11:00 AM (0530 GMT), the IPO, the first by an Indian bank since 2010, had received bids for 39.1 million shares, or 1.03 times the 37.9 million shares on offer. The sale closes on Tuesday.
The plan includes raising up to Rs 832.50 crore through the issue of fresh shares and up to Rs 380.46 crore in an offer for sale by existing shareholders.
The company is planning to raise aroud Rs 1212 crore. The issue comprises fresh issue of equity shares by the bank aggregating up to Rs 832.5 crore and an offer for sale up to 16,909,628 equity shares.
As per the latest weekly update of the processing status of draft offer documents filed with the Securities and Exchange Board of India (Sebi), regulator said clarifications were awaited on the proposed initial public offers (IPOs) of RBL Bank and Matrimony.Com as on September 25.
At least 19 of them have already got green light from market regulator Sebi to launch their Initial Public Offers (IPOs), while draft IPO papers of eight firms are "under process" and may be cleared soon.
The other firms from which Sebi has sought information are RBL Bank (formerly known as Ratnakar Bank) and global sim card provider Matrix Cellular (International) Services.
Private lender IndusInd Bank on Monday said it has completed acquisition of Royal Bank of Scotland's diamond and jewellery financing business in the country to strengthen its position in the segment.
Hinduja Group-promoted IndusInd Bank on Monday said it has completed acquisition of Royal Bank of Scotland's diamond and jewellery financing business in the country.
Redington India tops the list with annual revenue of over Rs 1,690 crore followed by Inox Wind (Rs 1,689 crore), ISMT (Rs 1,685 crore), Emcure Pharmaceuticals (Rs 1,683.5 crore) and Orientcraft (Rs 1,683 crore).
The issue comprises of fresh issue of equity shares worth Rs 1,100 crore and offer for sale up to 17,568,408 scrips by existing shareholders including Beacon India Private Equity Fund and GPE (India) Ltd, RBL Bank said in Draft Red Herring Prospectus(DRHP) filed with Sebi.
According to RBL, the listing of equity shares will enhance the visibility and brand name among existing and potential customers.
Punjab National Bank is also looking to raise Rs 5,000 crore via the qualified institutional placement (QIP) route this year.
The Finance Ministry today said it has cleared 12 FDI applications, including that of Ratnakar Bank to raise foreign equity limit to 74 percent, entailing total investment of Rs 1,827.24 crore.
HDFC Bank had applied for yet another FIPB approval, this time for expanding its equity base by up to Rs 10,000 crore, sources said.
The bank replaced its traditional desktops with Citrix XenDesktop, enabling central management and supporting seamless transition to a new core banking platform.
A change in leadership put the company on a firm growth path. Today, it‘s among India‘s top private sector banks
SP Tulsian of sptulsian.com is of the view that investors holding Elder Pharmaceuticals can exit from the stock.
With today‘s fall, the stock has shed close to 40 percent in the last three trading sessions.
World Bank body IFC today said it has invested USD 22 million to help the Kolhapur, Maharashtra based Ratnakar Bank's lending to agri and small businesses.
Government today said it has approved 12 foreign direct investment (FDI) proposals, including that of Ratnakar Bank, totalling over Rs 802 crore.
As part of the partnership, Netmagic will host and support infrastructure for applications such as Finacle Core Banking System, Exchange 2010 Email, File Servers and more.
SBI Mutual Fund has tied up with Ratnakar Bank to sell its mutual fund products through the bank's branch.
Finacle will support Ratnakar Bank's objective of client-centricity, product innovation and scalability for future growth.
Home, auto and personal loan borrowers will have to shell out more in their EMIs as three more banks, including the second largest state-run lender Bank of Baroda, increased their lending rates by 75 basis points.