RBL Bank shares tank up to 4% as equity worth ₹1,100 crore change hands in large deals

Shares of RBL Bank declined up to 4% on Thursday, July 25, as 7.9% of equity worth ₹1,100 crore changed hands in large deals. Private equity firm EQT (known earlier as Baring PE Asia) reportedly exited the private lender.

On Thursday, around 4.81 crore equity shares, representing around 7.9% of the equity stake, traded at an average price of ₹229.5 per share, reflecting the total transaction value of ₹1,100 crore.

The deal value was 3% lower than the previous close of ₹237.95 apiece on the NSE.

RBL Bank shares dropped as much as 3.93% to hit a low of ₹228.05 apiece on the NSE after the block deal. Exchange data showed that more than 1.48 crore shares changed hands on the NSE in morning trade.

The traded volume saw a jump of 324.87 times against two-week average traded volume of 1.58 lakh.

Details about actual buyers and sellers of shares were not available immediately as bourses will update the deal data after market hours. RBL Bank shares closed 3.07% lower at ₹230.6 apiece on the NSE.

Earlier, reports suggested that private equity firm EQT was likely to sell its entire 7.9% stake in RBL Bank in block deals on Thursday. IIFL Securities reportedly was the sole book runner for the deal.

EQT, through its vehicle Maple II BV, held 4,78,40,700 equity shares, representing 7.89% of RBL Bank's equity shareholding as of June 30, 2024.

The private lender, in November 2020, had raised ₹999 crore from Hong Kong-based Baring Private Equity Asia through a preferential allotment of shares. EQT AB acquired Baring Private Equity Asia in 2022.