The offer is delayed despite the fact that the bank has already sent the letter of offer to its shareholders. The rights issue has been hanging fire for quite some time as Sebi also delayed its clearance due to inadequate disclosure. Bank of Rajasthan is issueing five equity shares for every two shares held in the bank. According to the bank officials, once the court paves the way for the issue, the bank will decide the date of opening.

The bank has a current paid up capital of Rs 17.93 crore and after the rights issue, it will jump to Rs 62.77 crore. The bank has already raised its authorised capital from Rs 51 crore to Rs 150 croreafter its EGM on January 5.

At present, corporates and individuals hold as many as 1.68 crore equity shares and because of 5:2 ratio, they will pick up 4.21 crore shares. The corporates and individuals hold 93.99 per cent of the shares and the balance is held by financial institutions.

Mumbai-based Tayal group has acquired a majority stake from Bangurs and in order to ensure full subscription to the rights offer, Tayal group has deposited Rs 20 crore in an escrow account.

Of the current paid up capital of Rs 17.93 crore, Tayals' Shree Krishna group's relatives and friends also hold 1.01 lakh shares of BoR with Somprakash Arya holding 58,650 shares, the largest individual shareholder.

Shree Krishna group also holds 7.37 lakh shares of the bank which were earlier pledged with Shree Krishna group as collateral security against loans advanced to Bangur Finance during 1996-97.

During the past two financial years, BoR had posted a net loss of Rs 111.2 crore. The capital to risk assets ratio of BoR is 1.67per cent as against the RBI norm of 8 per cent. The steep fall in the capital adequacy ratio is mainly due to the losses the bank incurred.