Bandhan Bank files IPO papers, to raise over Rs 2,500 crore | business-news | Hindustan Times
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Bandhan Bank files IPO papers, to raise over Rs 2,500 crore

Bandhan Bank is the first instance in India when a micro-finance entity transforming into a universal bank.

business Updated: Jan 01, 2018 16:08 IST
Chandra Shekhar Ghosh, founder and chairman of Bandhan Bank, attends a special session of Merchants' Chamber of Commerce and Industry on 'Regulations & Financial Stability' in Kolkata.
Chandra Shekhar Ghosh, founder and chairman of Bandhan Bank, attends a special session of Merchants' Chamber of Commerce and Industry on 'Regulations & Financial Stability' in Kolkata.(PTI FILE)

Kolkata-based private sector lender Bandhan Bank filed draft papers with markets regulator Sebi on Monday for its initial public offer (IPO) to raise an estimated amount of over Rs 2,500 crore.

“Bandhan Bank Ltd has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its proposed initial public offering of up to 11,92,80,494 equity shares of face value of Rs 10 each,” the lender said in a statement.

The IPO consists of a fresh issue of up to 9,76,63,910 equity shares and an offer for sale of up to 1,40,50,780 scrips by International Finance Corporation (IFC) and up to 75,65,804 shares by IFC FIG Investment Company.

The issue, which is the touted as the biggest banking sector IPO till date, is expected to raise over Rs 2,500 crore, merchant banking sources said.

The equity shares are proposed to be listed on BSE and NSE.

Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, Goldman Sachs (India) Securities Pvt Ltd, JM Financial Institutional Securities and JP Morgan India Private Ltd are the book running lead managers to the issue.

Bandhan Bank is the first instance in India when a micro-finance entity transforming into a universal bank.

In April 2014, the Reserve Bank of India had granted banking license to Bandhan Financial Services as well as IDFC.