Bandhan | Common News Update

Mar192021 by adminNo Comments

Bandhan Bank inducts two new members on its board

Finance

has inducted former International Finance Corporation executive Subrata Dutta Gupta and former executive Suhail Chander on to its board. They have joined as additional independent directors and will become independent directors once the bank's shareholders approve the appointment in the next annual general meeting. Bandhan board has now 15 members and includes HR Khan, who was Reserve Bank of India's deputy governor between 2011 and 2016. Dutta Gupta retired from IFC as principal financial officer. He had earlier served as the managing director of BHW Birla Home Finance and worked with SREI International Finance. He is at present on the board of Joyville Shapporji Housing Finance as a nominee director of the Asian Development Bank, Bandhan Bank said in a statement. Chander was head of c...

Bandhan Bank set to raise up to Rs 10,500 cr, cut promoter holding

Finance

Promoters of Bandhan Bank are set to raise about Rs 10,500 crore by selling shares in the secondary market on Monday, translating into a transaction price that amounts to about 10% less than the stock’s closing price Friday. Bandhan Financial Holdings, a promoter group entity, will sell close to a 20% stake in the deal, according to the terms of the transaction seen by ET. Bandhan will sell 337.4 million shares in the open market and has set a floor price of Rs 311 per share. JP Morgan, Credit Suisse and Goldman Sachs are running the formal process to sell the shares, as per the terms sheet. Bandhan Bank did not reply to ET’s query, sent at a short notice. The transaction is aimed at reducing the promoter holding to comply with the central bank regulations, a source said. The promoter hold...

Bandhan Bank backs out of race to acquire PNB Housing

Finance

KOLKATA: Private sector lender Bandhan Bank has backed out of the race to acquire PNB Housing Finance, making it one of the major drop-outs, according to sources close to the matter. Bandhan with about 90% weightage on microfinance in terms of loan outstanding was initially keen to acquire the Punjab National Bank promoted housing finance company as it would have allowed the three-year old lender to diversify its portfolio. But it backed out in the last minute and did not submit the non-binding offer, the source said. The acquisition would also have helped Bandhan to pare promoter’s stake to 40%. Bandhan Financial Holdings, which is the promoter, currently owns 82.28% in the bank. Bandhan Bank Managing Director Chandra Shekhar Ghosh did not respond to calls or text messages till the ...