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India's up to $182 mln RBL Bank IPO fully subscribed
August 22, 2016 / 6:11 AM / a year ago

India's up to $182 mln RBL Bank IPO fully subscribed

MUMBAI, Aug 22 (Reuters) - Indian private sector lender RBL Bank’s up to 12.13 billion rupees ($182 million) initial public offering was fully subscribed on the second day of the sale on Monday, stock exchange data showed.

As of 11:00 AM (0530 GMT), the IPO, the first by an Indian bank since 2010, had received bids for 39.1 million shares, or 1.03 times the 37.9 million shares on offer. The sale closes on Tuesday.

RBL is selling new shares in a price band of 224 rupees to 225 rupees per share to raise up to 8.33 billion rupees to boost its capital base. Some of its shareholders are also paring their stakes by selling up to 16.9 million shares in the IPO to raise up to 3.8 billion rupees.

Cornerstone investors last week bought 3.64 billion rupees worth of shares as part of the IPO. ($1 = 66.8100 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)

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