Bandhan Bank shares to get listed on March 27
Bandhan Bank founder Chandra Shekhar Ghosh said he was expecting a bullish response from the market, as the IPO was well received by retail and institutional investors.business Updated: Mar 23, 2018 18:35 IST
Shares of private lender Bandhan Bank would get listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on March 27 after its IPO was oversubscribed by 14.6 times.
The bank proposed to raise Rs 4500 crore from the IPO, primarily to raise capital base and allow part exit of one of its existing shareholders IFC.
“The shares will get listed on both the NSE and the BSE on March 27,” MD and CEO of Bandhan Bank, Chandra Shekhar Ghosh, told PTI.
Ghosh said he was expecting a bullish response from the market as the IPO was well received by the investors and retail individuals.
After migrating from only micro-financing activity, the bank has now adopted a unique model of entering normal banking services after getting the in-principle license from the RBI.
This retail banking network has grown to 864 bank branches and 386 ATMs as of 30 September 2017.
The bank’s network is particularly strong in east and northeast India, with West Bengal, Assam and Bihar together accounting for 57.75 per and 58.13 per cent of branches and door step services (DSC) respectively.