SEBI has granted approval to Kolkata based bank Bandhan Bank to raise an estimated Rs 2,500 crore through an initial public offering. The company’s shares will launch in Mid March, the initial draft was filed with SEBI on January 1 and move into “observations” on February 28.
As per the SEBI’s “observations & guidelines”, the draft papers of Bandhan Bank IPO will issue up to 9,76,63,910 equity shares and an offer for sale of up to 1,40,50,780 shares by International Finance Corporation (IFC) and up to 75,65,804 shares by IFC FIG Investment Company.
The former microfinance lender, which launched itself as a bank on 23 December 2014, has till now clocked revenue of Rs.1,731 crore, it said in a regulatory filing. Its investors include IFC, SIDBI and Caladium Investment Pte. Ltd, a company managed by GIC Special Investments Pvt Ltd.
Dr. Ashok Lahiri is the Chairman of Bandhan bank. He has been the chief economic adviser to Government of India earlier.