RBL Bank's Shares Rise Following Block Deal
RBL Bank's stock exhibited a rise of 1.3 per cent, reaching Rs 233.2 by 11:26 am, subsequent to a block deal on 24 August that saw 1.7 per cent of the company's equity undergo a change of ownership, as reported by a media house. Specifics concerning the buyer and seller have not yet been disclosed.
During this transaction, a total of 1.02 crore shares valued at Rs 235.6 crore of RBL Bank were traded.
As of 30 June, Nippon Life India Trustee possessed the largest stake among mutual funds in RBL Bank, holding a 3.09 per cent stake. Tata Mid Cap Growth Fund held a 2.35 per cent stake in the bank, while ICICI Prudential Life Insurance held 3.28 per cent.
Among foreign institutional investors, Maple Li BV held the most substantial stake in RBL Bank, accounting for 9.98 per cent of the company's ownership as of 30 June.
RBL Bank's shares have yielded returns of 28 per cent since the start of the year and an impressive 90 per cent over the past twelve months.
Recent developments include Mahindra & Mahindra's acquisition of a 3.53 per cent stake in RBL Bank.
During the April-to-June quarter, RBL Bank recorded a 30 per cent year-on-year rise in net profit, totaling Rs 288 crore. Concurrently, revenue also surged by 30 per cent year-on-year, reaching Rs 2680 crore.
