RBL Bank acquired its entire stake with 8.16% stake. DAM Capital Advisors (DAM Capital) Offer for Sale (OFS) Sold through. The bank gave this information through exchange filing on December 26. The public issue of DAM Capital was opened between 19-23 December. After this transaction, RBL Bank no longer has any stake in this investment bank.
Sale of stake for Rs 163.32 crore
The bank said in its exchange filing,
“RBL Bank sold 57,71,000 equity shares of Rs 2 face value in the OFS process during the IPO of DAM Capital Advisors. This was a total stake of 8.16%. The bank realized Rs 163.32 crore from this sale. “After the transaction, the bank has no stake left in DAM Capital.”
stake was sold earlier also
Earlier RBL Bank in the secondary market DAM Capital Sold 10.60 lakh shares, which was 1.5% of the total stake. However, this transaction was within the limit which does not require disclosure under SEBI regulations.
Great response to DAM Capital’s IPO
DAM Capital’s Rs 840 crore IPO closed on December 23 and received an excellent response.
- Total Subscription: 81.88 times
- Qualified Institutional Buyers (QIB): The IPO in this category received 166.33 times subscription.
- Non-Institutional Investors: 98.47 times subscription was recorded.
The QIB category played an important role in increasing the subscription figures, making this IPO a massive success.
RBL Bank Strategy
RBL Bank has made a significant change in its portfolio by selling stake in DAM Capital. The move is believed to be part of the bank’s long-term strategy to improve its balance sheet by exiting investments.
