85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Bandhan Financial Holdings Limited has lowered its stake in Bandhan Bank by 20.95 per cent as part of complying with regulatory requirements. The reduced stake is worth over Rs 10,550 crore.
Post the deal, the holding company’s stake in the bank is at 40 per cent, the bank said in a regulatory filing.
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As per the licensing guidelines, the non-operative financial holding company (NOFHC) was required to bring its excess shareholding to 40 per cent of the paid-up voting equity capital of the bank.
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“In order to be fully compliant with the Licensing Guidelines, the NOFHC has today i.e. August 03, 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,” the bank said in a filing to the stock exchanges.
“Consequent to the… 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,” the filing said.
Bandhan Bank said that it had been exploring various options to bring the shareholding to the prescribed level.
Bandhan Bank MD and CEO Chandra Shekhar Ghosh told PTI that the shares were sold at an average price of Rs 313.35 apiece and the investors include GIC Singapore, Temasek and BlackRock.
On the basis of the average price, the stake sale would be worth a little over Rs 10,571 crore.
Pursuant to the amalgamation of GRUH Finance Limited into and with the bank effective from October last year and consequent to the issuance of fresh equity shares to the shareholders of GRUH, the shareholding of the holding company diluted from 82.26 per cent to 60.96 per cent of its paid-up voting equity share capital, the filing said.
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