Shares of RBL Bank rose by over 2% on Tuesday (May 14), a day after the Reserve Bank of India (RBI) gave the green signal for quant Money Managers to acquire a significant stake in the bank.
On BSE, RBL Bank's shares opened higher at ₹246.95 apiece and climbed to an intraday high of ₹251.50 apiece.
quant Money Managers has been granted the authority to acquire an aggregate holding of up to 9.98% of the paid-up share capital or voting rights in RBL Bank within a specified timeframe ending by May 12, 2025.
However, the approval mandates that the aggregate holding should not exceed 9.98% at any given time, with any reduction below 5% requiring prior RBI approval for an increase.
As of May 10, 2024, quant Mutual Fund
In another development, RBL Bank's net profit rose over 30% in fourth-quarter as compared to the corresponding period in the previous financial year.
The bank reported a net profit of ₹352.5 crore, surpassing CNBC-TV18's poll estimate of ₹320.7 crore.
RBL Bank's net interest income (NII) for the fourth quarter stood at ₹1,599.8 crore, slightly lower than street estimates of ₹1,604.7 crore.
It represented a 17.9% increase compared to the same period in the previous financial year.
As of the time of writing this news, RBL Bank's shares were trading 1.79% higher at ₹250.50 on BSE.
On BSE, RBL Bank's shares opened higher at ₹246.95 apiece and climbed to an intraday high of ₹251.50 apiece.
quant Money Managers has been granted the authority to acquire an aggregate holding of up to 9.98% of the paid-up share capital or voting rights in RBL Bank within a specified timeframe ending by May 12, 2025.
However, the approval mandates that the aggregate holding should not exceed 9.98% at any given time, with any reduction below 5% requiring prior RBI approval for an increase.
As of May 10, 2024, quant Mutual Fund
, a subsidiary of quant Money Managers, already held 4.68% of RBL Bank's equity share capital.
In another development, RBL Bank's net profit rose over 30% in fourth-quarter as compared to the corresponding period in the previous financial year.
The bank reported a net profit of ₹352.5 crore, surpassing CNBC-TV18's poll estimate of ₹320.7 crore.
RBL Bank's net interest income (NII) for the fourth quarter stood at ₹1,599.8 crore, slightly lower than street estimates of ₹1,604.7 crore.
It represented a 17.9% increase compared to the same period in the previous financial year.
As of the time of writing this news, RBL Bank's shares were trading 1.79% higher at ₹250.50 on BSE.
First Published: May 14, 2024 9:40 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
