Shares of the private lender slumped 10.6% to Rs 308.65 after the counter witnessed multiple block deals in early trade today, 3 August 2020.
Bandhan Bank disclosed after market hours today (3 August) that its holding company, Bandhan Financial Holdings (BFHL), sold 20.95% stake through secondary market sale to comply with RBI guidelines.As per the Reserve Bank of India (RBI) norms, banks have to bring down the promoter holding to 40% within three years from the date of commencement of business.
Following to amalgamation of GRUH Finance with Bandhan Bank effective from 17 October 2019, the shareholding of BFHL in the bank diluted from 82.26% to 60.96% of its paid-up voting equity share capital.
In order to be fully compliant with the licensing guidelines, BFHL today diluted its excess shareholding of 20.95%, or 33,73,67,189 equity shares of Bandhan Bank through secondary market sale. Consequently, the shareholding of BFHL in the bank has reduced to 40% of the total paid-up voting equity capital of the bank.
On the BSE, the counter clocked a volume of 37.57 crore shares as against its average trading volume of 7.21 lakh shares in the past three months. On the NSE, the counter clocked a volume of 12.43 crore shares as compared with its average trading volume of 1.55 crore shares in the past three months.
Bandhan Bank operates as a commercial bank. It has spread its presence to 34 of the 36 states and union territories in India with 4,559 banking outlets serving 2.03 crore customers, as on 30 June 2020.
The bank's standalone net profit fell 31.58% to Rs 549.81 crore on a 14.93% increase in total income to Rs 3,404.84 crore in Q1 June 2020 over Q1 June 2019.
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