Bandhan Bank shares to get listed on 27 March1 min read . Updated: 23 Mar 2018, 04:44 PM IST
Bandhan Bank CEO S.C. Ghosh says he was expecting a bullish response from the market as the IPO was well received by investors and retail individuals
Kolkata: Shares of private lender Bandhan Bank would get listed on both the NSE and the BSE on 27 March after its initial public offering (IPO) was oversubscribed by 14.6 times.
The bank proposed to raise Rs4,500 crore from the IPO, primarily to raise capital base and allow part exit of one of its existing shareholders IFC. “The shares will get listed on both the NSE and the BSE on March 27," managing director and chief executive officer (CEO) of Bandhan Bank C.S. Ghosh told PTI.
Ghosh said he was expecting a bullish response from the market as the IPO was well received by the investors and retail individuals. After migrating from only micro-financing activity, the bank now adopted a unique model of entering normal banking services after getting the in-principle license from the Reserve Bank of India (RBI).
This retail banking network has grown to 864 bank branches and 386 ATMs as of 30 September 2017. The bank’s network is particularly strong in east and northeast India, with West Bengal, Assam and Bihar together accounting for 57.75% and 58.13% of branches and door step services (DSC) respectively.