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Bandhan appoints five merchant bankers for IPO

Bandhan Bank had posted Rs 1,111.95 crore in net profit for the FY18

Abhijit Lele  |  Mumbai 

Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank. Photo: Subrata Majumder
Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank. Photo: Subrata Majumder

Kolkata-based on Tuesday said it had appointed Goldman Sachs, JPMorgan Chase, Axis Bank, JM Financial and Kotak Mahindra as merchant bankers for its initial public offering (IPO).

The size of the share sale, its timing and other related aspects has not been finalised as yet, said in a statement. The had initiated its listing process last month. However, the final decision on the proposed will be subject to all regulatory approvals, it said.

According to the Reserve of India’s (RBI’s) guidelines, have to list their business within three years of operation. had posted Rs 1,111.95 crore in net profit for the FY18. It reported a 35 per cent rise in its net profit for the quarter ended June 30, aided by high net interest and non–interest incomes. 

Since its launch, the has collected of over Rs 24,500 crore, and its outstanding loan book is Rs 21,235 crore. Amid falling deposit rates of scheduled commercial banks, has maintained its interest rate on savings account at six per cent for balance above Rs 1 lakh, and four per cent for balance up to Rs 1 lakh. 

For term deposits, the maximum interest rate offered is 7.25 per cent for one year, with an additional 0.5per cent for the senior citizens.

Currently, it operates across 33 Indian states and Union Territories through a robust network of 844 branches, 2,485 doorstep service centres and 384 ATMs, catering to more than 11 million customers.

First Published: Wed, September 13 2017. 00:30 IST
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