RBL Bank looks to raise Rs 1,600 cr via QIPs; sets floor price of Rs 352.57

On July 9, RBL Bank had informed its shareholders at its annual general meeting that it would raise equity capital not exceeding Rs 3,500 crore

RBL Bank on Monday informed the exchanges that it will raise funds by issuing equity shares through the qualified institutional placement (QIP) route. The private lender said its board approved Rs 352.57 per share as floor price for the share sale.

Sources said RBL Bank could raise up to Rs 1,600 crore via the QIP route. This follows the bank’s plan to raise Rs 825.79 crore in equity capital by issuing shares by way of preferential allotment to five investors, namely Bajaj Finance, East Bridge Capital Master Fund I, FEG Mauritius FPI, Ward Ferry Management-managed hedge fund WF Asian Reconnaissance Fund,