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RBL Bank successfully closes QIP, raises Rs. 2,025 Crore

Posted On: 2019-12-06 14:34:22


- Participation by marquee domestic and international investors
- Qualified Institutions Placement (QIP) at a price of Rs. 351 per share

RBL Bank, today announced that it has successfully concluded the QIP of Rs. 2,025 crore at the issue price of Rs. 351 per share (including premium of Rs. 341) pursuant to the allotment of 5.77 crore equity shares. The Bank had received approval for the capital raise from its Board of Directors on April 18, 2019 followed by approval from its shareholders at its AGM held on July 9, 2019.

The QIP increases the Bank's Total Capital Adequacy Ratio to 15.3%*, Core Equity Tier I Ratio to 14.3%*, enabling the Bank to remain capitalized well above the regulatory limits.

The issue saw strong demand from domestic as well as foreign QIBs. The overall allocation to domestic investors including mutual funds and insurance companies is approximately 60% with the balance allocated to foreign institutional investors in Asia and Europe.

We saw participation from our credit card partner, Bajaj Finance Ltd. and from other new investors especially long only foreign institutional investors diversifying the shareholder base of the Bank.

Vishwavir Ahuja, MD and CEO, RBL Bank said, "We thank our investors for reinforcing their confidence in the management, the franchise strength and growth potential of the Bank and are extremely happy about the strong interest received from various existing and new investors. This capital infusion significantly enhances our capital adequacy, and positions us well to capitalize on the various growth opportunities available to us, especially as economic growth returns to normal."

*Post QIP Issuance considering the financial position as at September 30, 2019 (including profits for the H1FY20)

Shares of RBL Bank Ltd was last trading in BSE at Rs.365.4 as compared to the previous close of Rs. 372.65. The total number of shares traded during the day was 614727 in over 9649 trades.

The stock hit an intraday high of Rs. 374.65 and intraday low of 362.5. The net turnover during the day was Rs. 226554338.


Source: Equity Bulls

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