Bandhan Bank's holding co pares stake to 40% to comply with licensing norms

Stock of Bandhan Bank closed at Rs 308.65 apiece on BSE, down 10.60 per cent.
Bandhan Bank on Monday said its holding company Bandhan Financial Holdings Ltd (BFHL) has brought down its stake in the lender to 40 per cent to comply with the licensing guidelines.

In terms of the guidelines of the licensing of new banks in the private sector issued by RBI on February 22, 2013 and licensing conditions, BFHL (the non-operative financial holding company, or NOFHC) was required to bring its excess shareholding to 40 per cent of the paid-up voting capital of the bank, Bandhan Bank said in a regulatory filing.

Following the amalgamation of GRUH Finance Ltd with the bank effective from October 17, 2019 and issuance of fresh equity shares to shareholders of GRUH on October 21, 2019, BFHL's shareholding in the bank diluted from 82.26 per cent to 60.96 per cent, it added.

"In order to be fully compliant with the Licensing Guidelines, the NOFHC has today i.e. August 3, 2020 informed the bank that it has diluted its excess shareholding of 20.95 per cent i.e. 33,73,67,189 equity shares of Rs 10 each fully paid-up in the bank through secondary market sale.

"Consequent to the above transaction, the shareholding of NOFHC in the bank has been reduced to 40 per cent of the total paid-up voting capital of the bank which is in compliance with aforesaid guidelines and the licensing conditions of the bank," Bandhan Bank said.

Stock of Bandhan Bank closed at Rs 308.65 apiece on BSE, down 10.60 per cent.

 


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