Shares of Bandhan Bank would get listed on both the NSE and the BSE on 27 March after its IPO was oversubscribed by 14.6 times.
The bank proposed to raise Rs4,500 crore from the IPO, principally to raise capital base and permit part exit of one of its current investors IFC. "The shares will get listed on both the NSE and the BSE on March 27," MD and (CEO) of Bandhan Bank C.S. Ghosh told PTI.
Ghosh said he was expecting a bullish reaction from the market as the IPO was welcomed by the investors and retail individuals. In the wake of moving from just small scale 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 developed to 864 bank branches and 386 ATMs starting at 30 September 2017. The bank's system is especially strong in east and upper east India, with West Bengal, Assam and Bihar together accounting for 57.75% and 58.13% of branches and door step services (DSC) separately.
