RBL Bank to launch QIP, eyes over Rs 2,000 crore

MUMBAI: RBL Bank has announced the launch of qualified institutional placement (QIP) on December 2 and has fixed the floor price of Rs 352.57, which is about 5 per cent discount to Monday’s closing price of Rs 373.4, according to the terms seen by ET. The bank is expected to raise about Rs 2,025 crore through QIP. The private sector lender will use the QIP proceeds to enhance its capital adequacy, in accordance with regulatory requirements and to fund its growth strategy. The issue will dilute bank’s equity by 11.81 per cent. The new issue is expected to list by December 10. The lender on Saturday also said it has approved raising of Rs 825.8 crore worth equity capital by way of preferential allotment to five investors such as Bajaj Finance, East Bridge Capital Master Fund I, FEG Mauritius, Ward Ferry Management and lshana Capital.