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Last Updated : Mar 27, 2018 04:19 PM IST | Source: Moneycontrol.com

Strong Listing: Bandhan Bank debuts with 30% premium at Rs 487.33

The stock price has opened at Rs 487.33 on the National Stock Exchange, against issue price of Rs 375 per share.

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Bandhan Bank share price jumped 30 percent on debut, following positive market conditions and good investors response to the issue.

The stock price has opened at Rs 487.33 on the National Stock Exchange, against issue price of Rs 375 per share.

In pre-opening, it jumped to Rs 499, rising 33 percent over the issue price.

The Rs 4,473-crore initial public offering was oversubscribed by 14.6 times during March 15-19, 2018.

Bandhan Bank intends to use issue proceeds for raising capital base and part exit of one of its existing shareholders IFC.

After migrating from only micro-financing activity, the bank now adopted a unique model of entering normal banking services after getting the in-principle license from the RBI.

This retail banking network has grown to 864 bank branches and 386 ATMs as of 30 September 2017.

The bank's network is particularly strong in east and northeast India, with West Bengal, Assam and Bihar together accounting for 57.75 percent and 58.13 percent of branches and door step services (DSC) respectively.
First Published on Mar 27, 2018 10:01 am
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