Morgan Stanley Asia Singapore Pte bought over 1.25 crore shares worth Rs 285 crore in RBL Bank on Thursday via a block deal. It was not the only buyer as France’s Societe Generale too purchased nearly 71 lakh shares at a total cost of Rs 162 crore. The shares were bought at a price of Rs 228 per share which were at a discount of 4%. Between them, they bought shares amounting to Rs 447 crore.
The seller was MAPLE II B V who sold over 4.78 crore shares at a price of Rs 228.08. It made around Rs 1,091 crore from the deal.
The stake sale represented a 7.9% equity holding of the company, which was reportedly sold by Maple II BV, an entity of EQT AB.
IIFL Securities was the sole book runner for the deal and according to the term sheet issued by IIFL, Maple II BV, an entity of EQT AB, was offering to sell 4.78 crore shares of the bank at a floor price of Rs 226 per share, a 5% discount to Wednesday’s closing price of Rs 237.95, ET had reported earlier.
As of June 30, 2024, EQT held a 7.89% stake in the bank. In November 2020, RBL Bank raised Rs 999 crore from Baring Private Equity Asia in fresh capital through a preferential allotment of shares. In 2022, EQT AB acquired Hong Kong-based Baring Private Equity Asia.
According to the shareholding pattern available on BSE for the quarter ended June 2024, 100% of the shares of RBL Bank are held by public shareholders. Baroda BNP Paribas Balanced Advantage Fund, Tata Arbitrage Fund, Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund and Quant Mutual Fund are some of the notable MF shareholders of the bank.
In the last 1 year, the shares of RBL Bank have risen 2.5%. However, the stock has declined 20% in the current calendar year so far. As per the BSE analytics, the stock has surged 140% in the last 2 years.
RBL shares today ended at Rs 230.40 on the BSE, down by Rs 7 or 2.95%.
Also Read: VST Industries bonus: Radhakishan Damani stock to issue shares in 10:1 ratio
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
