RBL Bank lists at a premium
Well it was largely expected that RBL Bank will list at a premium and it has indeed come into effect. RBL Bank which had set the price band of Rs 225 has listed at 276, up by 24 per cent. Bank had raised 363.88 crores through anchor investors. As at 10.03 am, 27.7 lakhs shares were trading in multiple blocks on BSE and NSE. Bank aims to raise its capital base for growth and also to comply with incremental capital needs under the Basel-III norms as well as the Reserve Bank of India’s norms.
The Bank’s IPO garnered a lot of attention and was oversubscribed 70 times. This is the first private sector bank in the decade, which is getting listed. Earlier Yes Bank got listed on the national exchanges in 2005.
For the financial year ended March 31, 2016, the lender has reported a net profit of Rs 296.80 crore, up 42.38 per cent against Rs 208.45 crore in the corresponding quarter a year ago. The bank’s gross non-performing assets (NPAs) stand at 0.77 per cent and 0.98 per cent respectively for the financial years ended March 2015 and March 2016, respectively.
RBL Bank Limited (formerly known as The Ratnakar Bank limited) is a scheduled commercial bank headquartered in the Kolhapur region of Maharashtra. Founded in August 1943, RBL is one of the oldest private sector banks in India.