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Bandhan Bank files IPO, to raise Rs 2500 crore

Bandhan Bank has filed papers with Sebi for its IPO intending to raise around Rs 2500 crore. The bank said in a statement it is filing a Draft Red Herring Prospectus (DRHP) with Sebi for its proposed IPO of up to 11,92,80,494 equity shares of face value of Rs 10 each. The bank said 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 IPO is considered as the biggest banking sector issue. The bank proposes to list the shares on both the BSE and the NSE. Through the issue IFC is looking to dilute its 1.8% stake in the bank while another shareholder in the bank, Singapore’s sovereign wealth fund GIC will retain its stake. Both these entities hold 5% each in the bank at present. Sidbi is another shareholder in the bank and it is not intending to sell its 1% stake.

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