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Last Updated : Aug 03, 2020 09:34 PM IST | Source: Moneycontrol.com

FIIs lap up Bandhan Bank shares as promoters offload stake

As per the RBI's new banking licensing norms, banks have to pare down promoter holding to 40 percent within three years from the date of commencement of business

 
 
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The Bandhan Bank counter witnessed heavy buying by foreign institutional investors (FIIs) through various bulk deals on BSE on August 3.

Morgan Stanley Asia Singapore, Camas Investments, Caladium Investment, Copthall Mauritius Investment, Societe Generale and Credit Suisse Singapore are among the FIIs that bought shares of Bandhan Bank, data on the BSE showed.

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Bandhan Bank's promoters sold 20.95 percent stake via a block deal. Their holding now stands at 40 percent, CNBC-TV18 reported.

The move was a part of the bank's effort to pare down promoter shareholding in the lender to meet the Reserve Bank of India's regulatory norms.

As per the RBI's new banking licensing norms, banks have to pare down promoter holding to 40 percent within three years from the date of commencement of business.

Credit Suisse Securities (India) Private, JP Morgan India Pvt, Goldman Sachs (India) Securities and JM Financial Institutional were bookrunners for the deal.

Bandhan Bank share price plunged 10.6 percent to settle at Rs 308.65 on BSE.
First Published on Aug 3, 2020 09:34 pm
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