Market News
2 min read | Updated on July 25, 2024, 13:43 IST
SUMMARY
After the block deal, the volume soared to 513.6 lakh shares on BSE, which is much higher compared to the two-week average of 1.66 lakh shares.
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RBL Bank tanks over 3% as stake worth Rs 1,100 crore sold via block deal
CNBC-TV18 July 24 reported that Baring PE, which invested in RBL Bank through its vehicle Maple II BV may sell 4.78 crore shares or a 7.9%
After the block deal, the volume soared to 513.6 lakh shares on BSE, which is much higher compared to the two-week average of 1.66 lakh shares.
RBK Bank’s net profit jumped 28.95 %YoY to ₹371.52 crore in the Q1 FY25. Total income grew 21.47 %to ₹4,301.70 crore and net interest income rose 20% to ₹1,700 crore in the same period.
Meanwhile, RBL Bank recently announced plans for raising ₹3,000 through the issuance of debt securities via private placement and ₹3,500 crore through Qualified Institutional Placement (QIP). However, it is to be seen how the lender will utilise these funds.
RBL bank’s relative strength index (RSI) is at 38.3 and the stock is trading below the 5, 10, 50, 100, 150 and 200-day moving averages. The stock touched a 52-week high of Rs 300.5 on January 11, 2024, and a 52-week low of Rs 209.1 on August 4, 2023. The company’s market capitalisation, at current market price of Rs 229.75 per share, stands at Rs 13,932 crore.
Foreign institutional investors increased their stake in RBL Bank in the June quarter to 28.5% from 25.1% earlier. Meanwhile, public shareholding came down to 50.8%.
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