RBL Bank shares rise on RBI nod to additional stake acquisition by Quant Money Managers

Currently, Quant Mutual Fund, an arm of Quant Money Managers, holds around 4.68% stake in RBL Bank.

In a filing to the stock exchanges, RBL Bank informed bourses that Quant Money Managers Ltd had sought the banking regulator’s approval to increase the stake in the private lender.

“The Reserve Bank has accorded its approval to Quant Money Managers Ltd to acquire ‘aggregate holding’ of up to 9.98% of the paid-up share capital or voting rights in RBL Bank Limited through various schemes of Quant Mutual Fund,” RBL said in an exchange filing.

The letter was received on May 13, 2024, according to the filing.

The approval has been granted to buy an aggregate holding of up to 9.98% in RBL Bank within a specified timeframe ending by May 12, 2025, the filing stated.

The RBI, however, has mentioned that However, the aggregate holding should not exceed 9.98% at any given time.

The regulator has also specified that if the aggregate holding falls below 5% then RBI approval would be needed again to increase the stake to 5% or more.

RBL Bank shares opened higher and rose a further 2.73% to hit a high of ₹251.65 on the NSE. However, the banking stock pared early gains to trade at ₹245.7 apiece, up 0.31%, on the NSE at 12:08 pm.

RBL Bank has reported a more than 30% rise in net profit to ₹352.5 crore in the March quarter compared to the same period in the previous year. The street estimate was ₹320.7 crore.

The bank’s net interest income stood at ₹1,599.8 crore in the March quarter, up by 17.9% compared to the same period in the previous year.