Sebi waives lock-in rule for Bandhan promoters

MUMBAI: Promoters and pre-IPO shareholders of Bandhan Bank have gained an exemption from markets regulator Sebi at the one-year lock-in period for promoting inventory after its initial public providing in March this year. The particular dispensation will allow the lender to comply with the Reserve Bank of India’s directive to carry down promoter stake.

Last month, the microfinancier-turned-bank used to be barred from opening new branches via the RBI for now not diluting promoter holding. The central financial institution additionally froze the remuneration of its promoter-CEO Chandra Shekhar Ghosh for a similar reason why. In terms of the financial institution licence requirements, it used to be to dilute promoter holding to below 40% in three years. Bandhan Bank used to be introduced in 2015.


At the same time, Sebi guidelines save you promoters from offloading their stake inside of a year of an IPO. Following the RBI diktat, Ghosh had said that the financial institution has three options — execute a merger & acquisition, dilute shares held via the non-operating holding company, or elevate contemporary fairness.


After the IPO, over 82% of Bandhan Bank’s shares are held via Bandhan Financial Holdings. The holding company’s shares are, in turn, dispensed some of the promoters who hold their shares thru trusts. SIDBI and IFC additionally hold eight.13% and 13.59%, respectively, within the holding company.


For the quarter ended September 30, the financial institution reported a 47.four% jump in its internet profit at Rs 488 crore. Its profit after tax stood at Rs 331 crore in the same quarter ultimate year.


Sebi waives lock-in rule for Bandhan promoters Sebi waives lock-in rule for Bandhan promoters Reviewed by kailash soni on October 14, 2018 Rating: 5
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