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Bandhan Bank has opened its initial public offer (IPO) for subscription today on March,15 and the offer will close on March,19.
The price band is fixed at Rs.370-375 per share. The bank has put on offer up to 11,92,80,494 equity shares, including fresh issue of up to 9,76,63,910 equity shares. The IPO also consists of an offer for sale of up to 1,40,50,780 equity shares by IFC and up to 75,65,804 equity shares by IFC FIG. Bids can be made for a minimum lot of 40 shares and in multiples of 40 shares thereafter.
The bank is expected to raise Rs.4,413.4 crore – Rs.4,473 crore at lower and upper end of price band, respectively. Out of Rs.4,473 crore, the fresh issue money would be Rs.3,662.4 crore or 82% of total issue size and the balance amount of Rs.810.62 crore would go to the two selling shareholders.
The objects of the fresh issue, are to augment bank’s Tier-I capital base to meet its future capital requirements. Further, the proceeds from the issue will also be used towards meeting the expenses in relation to the issue and the bank will not receive any proceeds from the offer for sale.
