EQT Private Capital Asia Exits RBL Bank with Rs 1,091 Crore Sale

EQT Private Capital Asia, formerly Baring Private Equity Asia, exited its 7.89% stake in RBL Bank for Rs 1,091 crore. The shares were sold via a bulk deal on the BSE. Societe Generale and Morgan Stanley Asia Singapore Pte purchased a combined 3.23% stake. RBL Bank's share price fell 2.95% following the transaction.

EQT Private Capital Asia, known earlier as Baring Private Equity Asia, divested its entire 7.89% stake in RBL Bank for Rs 1,091 crore through an open market transaction on Thursday.

The sale was executed via its vehicle Maple II BV, offloading 4,78,40,700 shares of RBL Bank in a bulk deal on the BSE.

The shares were sold at an average price of Rs 228.08 each, bringing the total transaction value to Rs 1,091.15 crore.

In contrast, Societe Generale and Morgan Stanley Asia Singapore Pte acquired 1,95,99,054 shares, equal to a 3.23% stake, at Rs 228 per share, totaling Rs 446.85 crore.

RBL Bank's shares dipped 2.95% to close at Rs 230.40 following the sale. The bank recently disclosed a 29% rise in net profit to Rs 372 crore for the June 2024 quarter, with a 20% increase in core net interest income to Rs 1,700 crore and an 18% boost in other income to Rs 805 crore.

Back in November 2020, Baring Private Equity Asia had invested Rs 999 crore to take a 9.44% stake in the Mumbai-based bank.

(With inputs from agencies.)