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Last Updated : Dec 02, 2019 04:59 PM IST | Source: Moneycontrol.com

RBL Bank may launch Rs 1,600cr QIP today at Rs 350/share

The floor price for the QIP is expected to be pegged around Rs 350 per share

 
 
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RBL Bank may launch a qualified institutional placement (QIP) of around Rs 1,600 crore on December 2, sources told CNBC-TV18. The floor price for the QIP is expected to be pegged around Rs 350 per share, sources added.

Listed companies use the QIP route to sell shares, debentures or any securities (other than warrants that are convertible into stocks) to qualified institutional buyers such as mutual funds and foreign institutions.

Investors interested in RBL Bank's QIP are Reliance Mutual Funds, Axis Mutual Fund, ICICI Prudential, SBI Life, Bajaj Life, East Bridge, Flowering Tree and White Oak.

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Sources said the bankers to the QIP issue include ICICI Securities, IDFC Securities and IIFL.

On November 30, RBL Bank said it would raise Rs 825.79 crore via private placement of shares.

Shares of RBL Bank ended at Rs 376.70, up Rs 2.90, or 0.78 percent on the BSE. The counter saw a spike of close to Rs 10 on the basis of this report.

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First Published on Dec 2, 2019 03:38 pm
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