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As RBL Bank IPO awaits nod, Sebi examines past violation

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Press Trust of India New Delhi
Last Updated : Jan 28 2016 | 2:48 PM IST
Capital markets watchdog Sebi is examining past violation by RBL Bank (formerly known as Ratnakar Bank) as the private sector lender awaits approval for its initial public offering.
RBL Bank, had filed draft papers with Sebi in June last year, seeking approval to float its IPO.
The IPO proposes fresh issue of equity shares worth Rs 1,100 crore and offer for sale of up to 17,568,408 scrips by existing shareholders including Beacon India Private Equity Fund and GPE (India) Ltd.
Without disclosing the nature of violation, Securities and Exchange Board of India (Sebi) said "past violation is being examined," as per the latest update as on January 22, 2016.
When asked for response from RBL Bank, it told PTI that it "will not be in a position to comment since it (IPO) is still under review with Sebi".
The markets regulator had last received a communication in this regard from the company on December 14.

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The proceeds 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 Bank, the listing of equity shares will enhance the visibility and brand name among existing and potential customers.
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 are the merchant bankers of the issue.

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First Published: Jan 28 2016 | 2:48 PM IST

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