The move is a part of the bank's effort to bring down promoter shareholding in the private lender to meet the Reserve Bank of India's regulatory norms.
Bandhan Bank share price plunged 10.60 percent to settle at Rs 308.65 on BSE after reports that promoters offloaded 20.9 percent equity via a block deal on August 3.
The size for the block deal is Rs 10,500 crore, and the floor price was set at Rs 311.10, reports suggested.
Bandhan bank promoters sold 20.95 percent stake via block deal; their holding now stands at 40 percent, CNBC-TV18 reported.
The counter of Bandhan Bank witnessed heavy buying by foreign institutional investors (FIIs) through various bulk deals on BSE on August 3.
Names of Morgan Stanley Asia Singapore PTE, Camas Investments PTE, Caladium Investment PTE, Copthall Mauritius Investment, Societe Generale and Credit Suisse Singapore featured among the FIIs that bought shares of Bandhan Bank, data on BSE showed.
The move was a part of the bank's effort to bring down promoter shareholding in the lender to meet the Reserve Bank of India's regulatory norms.
As per the RBI's new banking licensing norms, banks have to bring down the promoter holding to 40 percent within three years from the date of commencement of business.
Credit Suisse Securities (India) Private Limited, JP Morgan India Private Limited, Goldman Sachs (India) Securities and JM Financial Institutional were the bookrunners for the deal.
The bank witnessed almost 47 percent jump in its business to Rs 1,29,000 in FY20. Deposits grew by 32 percent to Rs 57,082 crore during the year, while the advances jumped by 60.5 percent to Rs 71,846 crore.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.