Bank of Rajasthan to issue shares worth Rs166.75 cr

Bank of Rajasthan to issue shares worth Rs166.75 cr

Mumbai: Bank of Rajasthan (BoR) on Monday informed that it will raise Rs166.75 crore through preferential issue of equity shares to US-based Indus Capital Partners and New Delhi-based Max India Ltd.

The bank would issue one crore shares at a price of Rs166.75 per share calculated on preferential basis to the two entities, Bank of Rajasthan said in a communique to the Bombay Stock Exchange.

BoR would issues 65 lakh shares to Indus Capital Partners constituting 4.5% and 35 lakh shares to Max India Ltd constituting 2.42% of its total post-issue paid up share capital, the bank informed.

The decision of the allotment was taken by the bank’s shareholders at its Extraordinary General Meeting (EGM) held on 30 November, the bank informed.

The price of the shares to be allotted on preferential basis have been calculated as per SEBI guidelines.

The Bank of Rajasthan Ltd is a leading private sector bank, having branches all over India with prominent presence in Rajasthan having specialised forex and industrial finance branches.

Indus Capital Partners is an US-based hedge fund management company specialising in the Asian markets.

Max India Ltd operates in two business segments -- business investments and specialty plastic products. The company has business investments in companies operating in the areas of life insurance, healthcare and clinical research businesses.

Shares in the bank were trading at Rs162.80, down 0.06% on the BSE in morning trade.