Bank of Rajasthan clarifies on news regarding stake sale

With reference to the news item appearing in a leading financial daily titled "Equity dilution talk boosts BoR scrip", Bank of Rajasthan Ltd (BoR) has clarified as under:

1. The Reserve Bank of India issued Guidelines on Ownership and Governance on February 28, 2005. According to which, the Bank has to ensure reduction of the aggregate holding of the promoter Group to 10% of the Bank's paid up capital. Present promoters holding is 43.95%.

2. The Bank is receiving various enquiries from FIIs and other groups evincing interest In acquiring shares of the Bank.

3. However, the exact mode of reduction of promoters holding has not yet decided. As soon, it is finalised, the Bank will call Board Meeting for necessary approval and will make necessary public disclosure.

Further the Bank has informed that, the Bank deny any discussion / talk with Federal Bank or ICICI Bank in the matter.

The stock closed the day at Rs.118.80, up by Rs.4.05 or 3.53%. The total traded quantity was 403083 compared to 2 week average of 212733. The stock hit an intraday high of Rs.120.45 and low of Rs.117.50.

Source : Equity Bulls

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