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Hot Pursuit
28-Jun-24
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RBL Bank gains as board OKs fund raising upto Rs 6,500 cr
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RBL Bank added 1.70% to Rs 266.95 after its board approved of raising funds through qualified institutional placement (QIP) and issue of debt securities aggregating upto Rs 6,500 crore.
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The private lender will raise upto Rs 3,500 crore via qualified institutions placement (by means of issuing equity shares) in one or more tranche or tranches, which shall constitute up to 15% of the post-issue paid up equity share capital of the bank.
Further, the board has also approved issue of debt securities up to Rs 3,000 crore, in one or more tranches on private placement basis from time to time.
RBL Bank is one of India's leading private sector banks with an expanding presence across the country. The bank offers specialized services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations.
The private bank's standalone net profit jumped 30.1% to Rs 352.64 crore on 27.08% jump in total income to Rs 4,214.56 crore in Q4 FY24 over Q4 FY23.
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