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RBL Bank share price slips post QIP launch

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.

December 03, 2019 / 10:14 AM IST
 
 
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RBL Bank share price declined over 1 percent intraday on December 3 after the company launched the qualified institutional placement (QIP) 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.

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.

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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 on December 3 approved the condensed consolidated interim financial statements and condensed standalone interim financial statements for six months period ended September 30, 2019, of the bank.

At 0952 hrs, RBL Bank was quoting at Rs 368.65, down Rs 4.60, or 1.23 percent on the BSE.
Moneycontrol News
first published: Dec 3, 2019 10:14 am

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