| Bank of Rajasthan to raise Rs 167cr |
| BS Reporter / Mumbai December 3, 2007 |
| Bank of Rajasthan will raise Rs 166.75 crore through a preferential issue of shares to New York-based hedge fund management company, Indus Capital Partners and Delhi-based fund Max India. The bank informed the Bombay Stock Exchange (BSE) that its shareholders have approved the issue one crore equity shares at a price of Rs 166.65 per share to the investors on a preferential basis. The bank will issue 65 lakh shares to Indus Capital and 35 lakh shares to Max India. The promoters of the bank, the Tayals, collectively hold 44% and have been under pressure from the Reserve Bank of India (RBI) to dilute promoter holding. RBI guidelines on ownership restricts any entity from owning in excess of 10% in a bank. |
