RBL Bank shares gain 2% on board meet to consider fundraising via QIP and debt route

The lender said it would add these proposals to the notice of the upcoming Annual General Meeting (AGM) for approval by the bank's members.

RBL Bank added it will consider a proposal to raise funds via the QIP route, per the provisions of the Companies Act, 2013. The bank will also consider the issue of debt securities, in one or more tranches, on a private placement basis, which will be valid from the date of the ensuing AGM till the date of the next AGM.

Earlier on May 13, the lender informed the exchanges that the Reserve Bank of India (RBI) accorded approval to Quant Money Managers Ltd to acquire aggregate holding of not more than 9.98% of the paid-up share capital or voting rights in RBL Bank Limited through various schemes of Quant Mutual Fund.

Quant Money Managers Ltd was given the approval to acquire a shareholding in the bank via various schemes of Quant Mutual Fund within one year i.e. by May 12, 2025. The RBI approval also mandated the company’s aggregate holding will not exceed 9.98% of the paid-up share capital of the bank.

If the mutual fund house’s aggregate holding falls below 5%, prior approval from the RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights of the bank, the exchange filing said.

Quant Mutual Fund, through its various schemes, held 4.68% of the equity share capital of RBL as of May 10, 2024.

Shares of RBL Bank closed at ₹255.09 apiece, down by 0.60% on the NSE.