Registrar to Bandhan Bank offer: Karvy Computershare Private Limited is the registrar to the issue.
Bandhan Bank Ltd, the first Indian microfinance lender to get a banking permit, has set the price range for its initial public offering, which could raise as much as 44.73 billion rupees ($689 million).
An employee of Bandhan Bank is seen behind a glass bearing the bank's logo inside a branch office in Kolkata, India, March 8, 2018.
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Bandhan Bank officials told The Telegraph that the bank would have to present its case to the regulator and seek its directive on the matter. At the top end of the price band, Bandhan Bank will be valued at almost Rs 450 billion, making it the eight most valuable bank in the country.
The IPO will ensure that BFHL's stake falls to 40 per cent. RBI timeline also stipulates that the holding company's shareholding is cut further to 20 per cent and 15 per cent within 10 years and 12 years, respectively.
It may end up not complying with one of the two mandates of Reserve Bank of India: one, which mandates public listing within three years of starting operations and the other, which mandates reduction of promoter stake to 40%, again within three years of commencing operations. The bank will bring down the promoter holding to 82 per cent from 89 per cent post the IPO. IFC and IFC FIG collectively own 4.94% stake in the bank.
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Bandhan Bank along with IDFC Bank received the final nod to start banking operations by RBI in 2015. On the microfinance side, the bank has a networth of 2,600 doorstep service centres and 9.6 million micro-loan customers. "The entire proceeds of the offer, which will close on March 19, would be utilised for capital requirements", the banks' founder, Managing Director and Chief Executive Officer Chandra Shekhar Ghosh said.
As of December 31, 2017, Bandhan Bank's deposits stood at Rs 25,293 crore, and advances at Rs 24,463 crore. The lender's profit rose by 304% to Rs1,111.95 crore in 2016-17 from a year earlier.
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