February 02, 2016

SEBI Keeps RBL's IPO in Abeyance due to Past Violation

Capital markets watchdog SEBI has kept processing of RBL Bank's proposed IPO in abeyance due to "past violation" committed by the company. 

RBL Bank had filed draft papers with SEBI in June last year, seeking approval to float its IPO.

The IPO proposes fresh issue of equity shares worth Rs 1,100 crore and offer for sale of up to 17,568,408 scrips by existing shareholders, including Beacon India Private Equity Fund and GPE (India) Ltd.

Without disclosing the nature of violation, Securities and Exchange Board of India (Sebi) said it has kept the processing of IPO "in abeyance due to past violation by the company", as per the latest update as on January 29, 2016.

Last week, SEBI had said that it is examining the past violations committed by RBL Bank (formerly know as Ratnakar Bank Ltd).

The company proposed to use the proceeds of the IPO to shore-up the equity capital base, to meet future capital requirements and to ensure compliance with Basel III and other guidelines of the Reserve Bank.


Vipul Gandhi
(M)+91 93755 77007

Web : www.unquotedshares.co.in
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