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India's Bandhan Bank sets price range for IPO

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India's Bandhan Bank sets price range for IPO

India's Bandhan Bank Ltd. set a price range of 370 rupees to 375 rupees per share for its proposed IPO, Bloomberg News reported, citing the terms of the offering.

The microfinance lender will issue up to 119,280,494 new shares, which will comprise of a fresh issue of up to 97,663,910 shares and sale of up to 14,050,780 shares by International Finance Corp. and up to 7,565,804 shares by IFC FIG Investment Co. The IPO could fetch 44.73 billion rupees if it is priced at the top end of the range.

The IPO will open March 15 and close March 19. Funds raised from the offering will be used to boost the bank's capital adequacy ratio.

Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, JM Financial Institutional Securities and JPMorgan India are serving as book-running lead managers for the IPO.

As of March 7, US$1 was equivalent to 64.91 Indian rupees.