Bandhan Bank share price tumbles 12% on reports of stock sale via block deal

By: |
August 3, 2020 10:41 AM

Around 10.20 AM, Bandhan Bank shares were trading at Rs 308.70 apiece, down 10.59 per cent as compared to a 1.10 per cent fall in the benchmark S&P BSE Sensex.

Bandhan Bank, Bandhan Bank share priceBandhan Bank share price has rallied nearly 100 per cent from March lows of Rs 152.34 apiece

Bandhan Bank share price tanked nearly 12 per cent to hit day’s low of Rs 304.20 apiece on BSE after the news reports suggested Bandhan Bank’s promoter Bandhan Financial Holdings is selling 337.4 million shares via a block deal. According to Bloomberg, through this block deal, Bandhan Bank is planning to raise $1.4 billion. “Those shares are offered at a floor price of $4.16 each, according to the terms. Books will close by 11:30 pm in Hong Kong on August 2. and trading will start on August 3,” according to the news report.

So far, Bandhan Bank share price has rallied nearly 100 per cent from March lows of Rs 152.34 apiece. After today’s 10 per cent fall, the total market capitalisation of Bandhan Bank stood at Rs 50,039.75 crore. Bandhan Bank stock opened at Rs 321 and quoted day’s high of 321.10 apiece. Last year in October, Bandhan Bank share price had hit a 52-week high of Rs 650 apiece on BSE. As per the new report, Credit Suisse Securities (India), J.P. Morgan India, Goldman Sachs (India) Securities and JM Financial Institutional Securities are joint book-runners for the deal.

Around 10.20 AM, Bandhan Bank shares were trading at Rs 308.70 apiece, down 10.59 per cent as compared to a 1.10 per cent fall in the benchmark S&P BSE Sensex. During the first quarter, private sector Bandhan Bank reported nearly 32 per cent on-year decline in net profit to Rs 549.82 crore. The lender had posted a net profit of Rs 803.62 crore in the corresponding quarter of the preceding fiscal. The bank added 2.13 lakh customers during the quarter with a total customer base at 2.03 crore as on June 30, 2020. As on June 30, 2020, the total number of branches, banking units and ATM networks stood at 1,018, 3,541 and 485 respectively, the bank had informed.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1MMTC-PAMP launches buy-back, exchange offers for gold
2Mindtree co-founder Krishnakumar Natarajan, family sell 0.2% stake in company for Rs 42 crore
3Stock market volatility continues: A six-step guide to sail smooth during market volatility