RBL Bank divests entire 8.16% stake via OFS in DAM Capital after IPO for ₹163 crore | Stock Market News
Source: Live Mint
RBL Bank has divested its entire 8.16% stake in DAM Capital through an OFS during the public issue that was open between December 19-23 for a sum of ₹163.32 crore, excluding taxes, the company said in an exchange filing on December 26. The bank said it now does not hold any equity stake in the investment bank after the transaction.
The initial public offer of investment bank DAM Capital Advisors Ltd received 6.98 times subscription on the second day of share sale on Friday.
The IPO got bids for 14,52,54,503 shares against 2,08,04,632 shares on offer, as per data available with the NSE.
Non-Institutional Investors part received 11.49 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 8.96 times. Qualified Institutional Buyers (QIBs) garnered 7 per cent subscription.
The initial share sale of DAM Capital Advisors Ltd got fully subscribed hours after opening for bidding on Thursday.
DAM Capital Advisors on Wednesday said it has raised ₹251 crore from anchor investors.
The initial share sale, with a price band of ₹269-283 per share, will conclude on December 23.
The IPO is solely an offer for sale (OFS) of 2.97 crore equity shares worth ₹840.25 crore, by a promoter and investors at the upper end of the price band.
Those selling shares in the OFS are promoter Dharmesh Anil Mehta, investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria.
Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.
In its draft papers, the company stated it plans to go public to achieve the benefit of listing equity shares on the stock exchanges and allow shareholders to sell their shares through the OFS.
DAM Capital Advisors provides a wide range of financial solutions in areas of investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and institutional equities comprising broking and research.
Nuvama Wealth Management is the sole merchant banker for the issue.
