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AU Small Finance Bank rises after Government of Singapore buys stake

Business Finance

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AU Small Finance Bank rose 1.14% to Rs 402.45 after the Government of Singapore bought 19.69 lakh equity shares, or 0.65% equity, of the bank at Rs 414.60 per share on 18 May 2020 via bulk deal on NSE.

The bank's promoter Chirinjee Lal Agarwal sold 25 lakh equity shares (0.85% equity) at Rs 414.60 per share on 18 May 2020 via bulk deal on NSE.

On Friday, 15 May 2020, Chirinjee Lal Agarwal sold 24.12 lakh equity shares, or 0.79% equity, at Rs 414.60 per shares on BSE. The entire stake was purchased by Bharti SBM Holdings, a entity promoted by Sunil Bharti Mittal, at Rs 414.60 per share on BSE.

The promoters & promoter group sold 27,19,186 and 25,00,000 equity shares of AU Small Finance Bank on 15 May 2020 and 18 May 2020 respectively to deleverage and to make full repayment of loans against the security of equity shares. Promoters have also committed part of the consideration for COVID-19 related support initiatives.

Before the transaction, the shareholding of promoters and promoter group was 30.84% and after selling the above 52,19,186 equity shares, their shareholding has slightly come down to about 29.13%.

The bank's net profit gained 3.5% to Rs 122.32 crore on a 35.7 % surge in total income to Rs 1,366.60 crore in Q4 March 2020 over Q4 March 2019.

AU Small Finance Bank operates as a commercial bank. The bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 19 2020. 11:15 IST