Bengaluru: Kolkata-based Bandhan Bank is set to become the newest listed lender in India, giving investors the option to own a bank with presence in the under-served eastern rural market of the country.
The bank will kick off a sale to raise close to Rs 4,500 crore, said people familiar with the issue. The sale will be a combination of up to 9.76 crore fresh equity shares and an offer for sale of up to 1.40 crore shares by World Bank controlled International Finance Corp (IFC) and up to 75.65 lakh shares by IFC FIG Investment Co. The issue will kick on March 15.
Bandhan Bank is majority controlled by its holding company Bandhan Financial Holdings Ltd (BFHL) which owns 89.76 per cent of the stake. IFC and IFC FIG together hold 4.94 per cent stake while Caladium Investment an affiliate of Singapore’s sovereign wealth fun GIC owns 4.99 per cent stake.
The IPO will ensure that BFHL’s stake falls to 40 per cent. RBI timeline also stipulates that the holding company’s shareholding is cut further to 20 per cent and 15 per cent within 10 years and 12 years, respectively.
