Kolkata: Singapore’s sovereign wealth fund
GIC has raised stake in
Bandhan Bank by 1.1 percent to 4.49 percent, showing confidence on the bank and its micro lending business model.
GIC invests in the bank through its affiliate
Caladium Investment PTE Ltd, which now holds 7.2 crore shares in the Kolkata-based lender. It accumulated 1.77 crore shares through secondary market operations during the January-March period.
The bank reported the change in shareholding on Tuesday.
Its price however tumbled over 9 per cent to Rs 196 on BSE at 2.30 in the afternoon, while Sensex was seen over 3% down to 30,642 points.
Bandhan 's deposits climbed 32% to Rs 57,073 crore and advances climbed 60% to Rs 71,825 crore. Bandhan's share of current and saving account (CASA) deposit was at 37%, provisional numbers showed.
It is likely to announce its quarterly results on May 12.
“While near-term concerns on MFI portfolio remain, Bandhan has nevertheless been able to improve its recovery rate. Further, growth trend in micro-banking deposits highlights Bandhan’s comfortable position to recover dues from its MFI borrowers, even as the environment remains uncertain and delinquency rates increase,” Motilal Oswal said in a note on April 13, maintaining a buy rating on the bank