EQT Private Cap Asia exits RBL Bank, sells entire stake for Rs 1,091 cr

2 minutes of reading Last updated: July 25, 2024 | 22:57 IST

EQT Private Capital Asia, formerly known as Baring Private Equity Asia, on Thursday exited RBL Bank by selling its entire 7.89 per cent stake in the private lending bank for Rs 1,091 crore in an open market transaction.

EQT Private Capital Asia through its business entity Maple II BV sold shares of RBL Bank in a wholesale transaction on the BSE.

As per data available on BSE, Maple II BV sold 4,78,40,700 shares, which constitutes 7.89 per cent stake in RBL Bank.

The shares were sold at an average price of Rs 228.08 per piece, taking the transaction value to Rs 1,091.15 crore.

At the same time, Societe Generale and Morgan Stanley Asia Singapore Pte bought 1,959,99054 shares or 3.23 percent of RBL Bank.

The shares were acquired at an average price of Rs 446.85 crore.

It was not possible to establish details about the other buyers of RBL Bank shares.

RBL Bank securities fell 2.95 per cent to close at Rs 230.40 per unit on the BSE.

Last week, RBL Bank reported a 29 per cent rise in net profit at Rs 372 crore for the quarter ended June 2024.

The bank’s core net interest income rose 20 per cent to Rs 1,700 crore on the back of a 19 per cent rise in advances. Net interest margin stood at 5.67 per cent.

Other income rose 18 per cent to Rs 805 crore.

In November 2020, Baring Private Equity Asia, through its business entity Maple II BV, invested Rs 999 crore to pick up a 9.44 per cent stake in the Mumbai-based bank.

(Only the headline and image of the report may have been edited by the Business Standard team; the rest of the content is automatically generated from a syndicated feed.)

First published: July 25, 2024 | 22:57 IST