Bandhan Bank Shares Fall The Most In Over Four Months After Promoter Stake Sale
Shares of Bandhan Bank Ltd. fell the most in more than four months after its main shareholder sold stake in the Kolkata-based private lender.
Bandhan Financial Holdings sold nearly a 21% stake worth Rs 10,600 crore, or $1.4 billion, according to the term sheet accessed by Bloomberg.
The majority stakeholder had planned to sell close to 34 crore shares of the lender in a block deal at Rs 313.1 apiece, a 9.9% discount to Friday's closing price.
Shares, however, were sold at a 9.3% discount, according to the term sheet. The shares exchanged hands in 27 large trades, Bloomberg data showed.
Chandra Shekhar Ghosh, managing director and chief executive officer at Bandhan Bank, and the lender's spokesperson are yet to respond to Bloomberg's query.
Shares of Bandhan Bank fell as much as 14.5% to Rs 295.1 apiece, compared with a 0.96% drop in the Nifty 50 Index.