INSUBCONTINENT EXCLUSIVE:
Before IPO, the promoter holding in Bandhan Bank was nearly 89 per cent.Bandhan Bank on Friday said it has received an exemption from the
Securities and Exchange Board of India (Sebi) with respect to lock-in of one year on the equity shares held by the promoter and eligibility
condition of one year from listing in order to comply with licensing condition."It is hereby informed that the Bank has received an
exemption from the Securities and Exchange Board of India with respect to (i) lock-in of one year on the equity shares held by the promoter;
and (ii) eligibility condition of one year from listing in order to comply with the requirements of RBI Licensing Guidelines for Private
Sector Banks," it said in a regulatory filing.The Reserve Bank of India (RBI) had recently withdrawn its general permission to open new
branches and froze the remuneration of the lender's MD and CEO Chandra Shekhar Ghosh till further notice as it was not able to bring down
the shareholding of Non Operative Financial Holding Company (NOFHC) to 40 per cent, as required under the licensing condition.The promoter
holding in the bank currently stands around 82 per cent after a successful Initial Public Offer (IPO), launched in March this year.Before
IPO, the promoter holding in the bank was nearly 89 per cent.(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
