RBL Bank approaches Sebi with IPO plans
29/06/2015 12:28

RBL Bank, formerly known as Ratnakar Bank, has filed draft papers with capital markets regulator Sebi to raise at least Rs 1,100 crore through an initial public offer (IPO), reported PTI.

The issue comprises of fresh issue of equity shares worth Rs 1,100 crore and offer for sale up to 17,568,408 scrips by existing shareholders including Beacon India Private Equity Fund and GPE (India) Ltd, RBL Bank said in Draft Red Herring Prospectus(DRHP) filed with Sebi.

The proceed of the IPO would be used to shore-up the equity capital base, to meet future capital requirements and to ensure compliance with Basel III and other Reserve Bank's guidelines.

According to RBL, the listing of equity shares will enhance the visibility and brand name among existing and potential customers.

The issue is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IDFC Securities, IIFL Holdings, Morgan Stanley India Company and SBI Capital Markets.