RBL Bank climbs 3% as board approves plan to raise Rs 3,000 crore

RBL Bank NSE 6.51 % climbed 3 per cent in Tuesday’s Trade after the lender said its board has approved raising up to Rs 3,000 crore to fund the lender’s business growth.

The fundraising will be subject to the approval of the shareholders, the bank said in a regulatory filing.

Following the announcement, the stock rose 3.4 per cent to hit a high of Rs 101.60 on BSE.

The bank said its board has “approved issuance of 1.75 crore additional equity stock options exercisable into an equivalent number of equity shares fully paid up of Rs 10 each, in addition to residual/remaining options which remain ungranted under ESOP 2018.”

As per the filing, the bank’s board also cleared the appointment of two independent directors — Gopal Jain, Managing Partner and Founder Gaja Capital, and Sivakumar Gopalan, Faculty of the Department of Computer Science and Engineering, IIT Bombay.

RBL Bank climbs 3% as board approves plan to raise Rs 3,000 crore.Congratulations to the entire team. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

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