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Last Updated : Dec 02, 2019 07:23 PM IST | Source: Moneycontrol.com

RBL Bank launches QIP, floor price set at Rs 352.57 per share

The Capital Raising Committee of the bank approved the floor price for the QIP at Rs 352.57 per equity share, at a 5.5 percent discount on Monday's closing price.

 
 
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Midcap private sector lender RBL Bank launched a qualified institutional placement issue for subscription on December 2.

The Capital Raising Committee of the bank approved the floor price for the QIP at Rs 352.57 per equity share, at a 5.5 percent discount on Monday's closing price.

"We will offer a discount of not more than 5 percent on the floor price," it said in a release on the exchange.

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The stock closed at Rs 373.25 on the BSE today, down 0.15 percent compared to Friday's close.

The bank approved the preliminary placement document dated December 2, 2019 in connection with the QIP, the release added.

The board of directors had approved the fundraising plan on April 18, 2019 and shareholders passed the Special Resolution for the same at their Annual General Meeting held on July 9 earlier this year.

RBL Bank said a meeting of the committee is scheduled to be held on or after December 5, to consider the issue price including a discount, if any thereto, for the equity shares to be allotted to qualified institutional buyers pursuant to the QIP.

According to reports earlier in the day, the issue might be worth around Rs 1,600 crore.

Meanwhile, board members today approved the condensed consolidated interim financial statements and condensed standalone interim financial statements for six months period ended September 30, 2019 of the bank.

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First Published on Dec 2, 2019 07:16 pm
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