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RBL to raise Rs 1,200 cr in first bank IPO in 6 years

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rbl

Mumbai: Private sector lender RBL Bank's initial public offering next week seeks to raise up to Rs 1,213 crore in what will be the first bank IPO since 2010.

The lender will sell new shares in a price band of Rs 224 to Rs 225 per share to raise up to Rs 833 crore to boost its capital base, it said on Wednesday.

Some of its shareholders are also paring their stakes by selling up to 1.69 crore shares in the IPO that opens on August 19 and closes on August 23, according to an offer document.

RBL Bank, which had assets worth about Rs 40,000 crore on as of March, expects its core capital ratio to rise to more than 14 per cent after raising funds in the IPO from 11.1 per cent at end-March, executives said.

Citigroup, Morgan Stanley and India's Kotak Mahindra and Axis Capital are among the nine banks managing the share sale.

The IPO is the first by an Indian bank since state-run Punjab & Sind Bank went public in 2010.

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