RBL Bank stock gains 3% on board's nod for Rs 6,500 cr fund raise
RBL Bank stock update: The stock hit a high of Rs 270 in Friday's intra-day deals after the bank's board approved fund raise by way of QIP and debt sale.
 "RBL Bank stock gains 3% on board's nod for Rs 6,500 cr fund raise")
Shares of RBL Bank jumped 3 per cent to a high of Rs 270.40 on the BSE in Friday's intra-day trade after the bank's board approved fund raise up to Rs 6,500 crore.
At 09:50 am; the stock traded with a gain of 2.5 per cent at Rs 269. The counter saw trades of around 76,000 shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.5 per cent or 362 points at 79,606.
The bank in an exchange filing said, it will raise Rs 3,500 crore through qualified institutional placement (QIP) and Rs 3,000 crore through issue of debt securities via private placement.
This will be RBL Bank's first share issue via institutional placement since 2021 when the bank saw an abrupt management transition and the central bank increased scrutiny of the lender by temporarily appointing a director on its board amid reports of a large share of unsecured borrowing on its books. READ MORE
Earlier in the month of May, Quant Money Managers had received the banking regulator's approval to acquire an aggregate holding of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank within a period of May 12, 2025.
Meanwhile, for the quarter ended March 2023, the private sector lender reported a 30 per cent rise in the post-tax net profit for the March quarter at Rs 353 crore, driven by non-interest income.
The bank's core net interest income grew 18 per cent year-on-year (YoY) to Rs 1,600 crore. However, it was limited by a compression in the net interest margin to 5.45 per cent against 5.62 per cent a year ago.