BoR to appoint merchant bankers for Rs 250-cr QIP

Private sector lender Bank of Rajasthan (BoR), which is neck-deep in regulatory troubles, is understood to have identified two merchant bankers to advise it on the proposed Rs 250-crore qualified institutional placement (QIP) issue.

The troubled bank was talking to a host of merchant bankers, including SBI Capital and Enam Securities among others to advise it on the matter and would soon appoint two of them to speed up the fund-raising process through QIP, a top bank official said today. “We are talking to a few of them. We would select two of them as advisors for the issue and a formal appointment will follow soon. This would speed up the fund-raising process,” Bank of Rajasthan (BoR) Executive Director KK Sharma said here today.

A few days after RBI ordered a special audit of the BoR books and Sebi banned 100-odd related entities of the promoter Tayal family from accessing the market, the bank sought the shareholders’ permission to go in for a QIP issue.