Bandhan Bank promoters are raising Rs 10,500 crore by stake in the secondary market in a transaction price which amounts to 10% less than the bank’s stock price recorded on Friday at the closure of the market, according to an ET report.Bandhan Financial Services which is the main promoter of the Bandhan Bank appointed four brokers to jointly sell around 21% of the stake in the bank or nearly about 34 crore shares through block deal.The deal is pegged around Rs 10,400 crore making one of the biggest block deal in the financial service space.The stake is set to be offered at Rs 311 per share which is at 10% discount of closing price of Friday at Rs 345 on the NSE. Goldman Sachs, Credit Suisse, JM Financial and JP Morgan are mandated to manage the transaction. Post the stake sale, the promoters shareholding will come down to 40%. As per RBI rules the promoting company of the bank shall bring down its stake in the lender to a maximum of 40% within 3 years of operations.
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