India's Bandhan Bank Ltd. obtained approval from the country's securities regulator for its proposed IPO, Press Trust of India reported March 6.
The Securities and Exchange Board of India, or SEBI, on Feb. 28 issued its "observations," which are important for companies to launch public issues and rights issues. The bank is expected to raise over 25 billion Indian rupees through the IPO, the publication reported, citing "merchant banking sources."
The bank on Jan. 1 filed its draft red herring prospectus with SEBI for the IPO, with plans to issue up to 119,280,494 shares. The issuance will comprise a fresh issue of up to 97,663,910 new shares and the sale of up to 14,050,780 shares by International Finance Corp. and up to 7,565,804 shares by IFC FIG Investment Co. I, according to the draft red herring prospectus.
The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.
As of March. 5, US$1 was equivalent to 65.05 Indian rupees.
