Kolkata: Private lender Bandhan Bank would decide on the size of the proposed initial public offering (IPO) which it was required to make to meet the regulatory norms.
“We are required to come out with the IPO not for money, but to meet regulatory compliance. The size and timing of the IPO will be decided on a later course," Bandhan Bank’s managing director and chief executive officer Chandra Shekhar Ghosh said.
Ghosh said the bank has appointed investment bankers to work out on the modalities of the IPO, likely to hit the capital market by August next year. The present shareholders of Bandhan Bank — Small Industries Development Bank of India (SIDBI), International Finance Corporation (IFC) and GIC of the Singaporean government were likely to take part in the maiden offering.
Bandhan Bank, which started full-fledged banking operations in August 2016, were asked by RBI to come out with the IPO in three years from then, he told PTI. The bank had appointed Goldman Sachs, JP Morgan Chase and three others as investment bankers for the IPO.
Meanwhile, Bandhan Bank had emerged as among one of the highest among Mudra loan disbursements in West Bengal. Till 30 September 2017, Mudra loan disbursement by the bank was Rs2177 crore.