IFC and IFC FIG, which have a total stake of five per cent in Bandhan Bank, would sell 1.2 per cent through the proposed IPO of the lender that opens from March 15. IFC and IFC FIG would offer 1.4 crore and 75.65 lakh shares for sale, respectively. The bank would also offer fresh issue of 9.76 crore shares to the public. MD and CEO of Bandhan Bank Chandra Shekhar Ghosh said the lender's focus would continue to be on micro-credit and MSME, retail, affordable housing, loan against property, gold loan and loan against two-wheelers. The price band of the issue has been fixed between Rs 370 to Rs 375 per share. The merchant bankers would announce the list of anchor investors on March 14, and there is no discount on offer for retail investors. The bank was mandated by the Reserve Bank of India to come out with an IPO within three years after getting the universal banking license in 2014.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU