Retail book subscribed 9%
The full service commercial bank announced its Rs.
15K Cr fundraising plan via the Further Public Offering on July 13, 2020. As
stated in the RHP, the funds are being raised to ensure adequate capital to
support its growth and expansion, including enhancing its solvency, capital
adequacy ratio, and evolving regulatory requirements.
On July 14, the bank
raised Rs. 4,098 cr from 14 anchors at Rs 12 per share to US based alternative
asset manager, Tilden Park Capital via Bay Tree India Holdings LLC; Singapore
based fund management company, Amansa Capital and UK based Fund management
company, Jupiter Funds, collectively these 3 FPIs came together to acquire 75%
of the shares offered to the anchors. The other domestic institutions who
invested as anchors include HDFC Life Insurance, Bajaj Allianz Life Insurance,
ICICI Lombard General Insurance, Reliance General Insurance, RBL Bank Limited,
Edelweiss Alternative Investment Opportunities Trust, Elara India Opportunities
Fund, Hinduja Leyland Finance and ECL Finance.
From market sources it
is understood that 95% of Anchor investors are long only funds.
While the QIB portion
was subscribed 0.66 times, the Non Institutional portion was subscribed 0.04
times, Retail portion was subscribed 0.09 times and Employee portion was
subscribed 0.05 times. Bids of 1,959,664,000 shares were received against
the offered 9,099,766,899 shares.
The new generation
private sector bank currently has a presence in 28 states and 8 union
territories with a network of 1135 branches and 1423 ATMs and has 1
representative office in Abu Dhabi .
Kotak Mahindra Capital
Company Limited, SBI Capital Markets Limited, Axis Capital Limited, Citigroup
Global Markets India Private Limited, DSP Merrill Lynch Limited, HSBC
Securities and Capital Markets (India) Private Limited, ICICI Securities
Limited and YES Securities (India) Limited are the appointed BRLMs to the issue