Bandhan Bank shares rallied over 3 per cent to Rs 225.90 after 1.76 crore shares changed hands on the stock exchanges in an early trade.
The deal was valued at Rs 385.4 crore and the shares made up 1.1 per cent of the total equity of Bandhan Bank. However, details about buyers and sellers have not been disclosed.
According to a CNBC-TV18 report, a leading sovereign wealth fund is the likely seller in the transaction.
BNP Paribas acquired around 80 lakh Bandhan Bank shares for Rs 211 in a bulk deal on 21 July.
Shares of the private lender have plunged over 7 per cent year-to-date, whilte the stock fallen over 21 per cent in the last one year.
At 3:00 pm, the stock was trading 2.69 per cent higher at Rs 222.95 on the NSE.
Bandhan Bank’s revenue from operations increased 11 per cent to Rs 4,523 crore YoY in the April-June quarter FY24 but net profit slipped 18.67 per cent to Rs 721 crore.
According to bank, results indicated that the lender was on a stable growth plan.
The lender’s net non-performing assets (NPAs) increased 390 basis points (bps) to Rs 2,140 crore during the quarter under review. Its total loans increased 6.7 per cent year-to-year to Rs 103,170 crore and deposits surged 16.6 per cent.
As of 30 June, Bandhan Bank’s total branches stood at 6,140 as compared to 5,640 in the first quarter.
