On the BSE, shares of RBL Bank opened higher at ₹246.95 apiece and climbed to an intraday high of ₹251.50 apiece.
quant Money Managers has been granted the power to acquire an aggregate stake of up to 9.98% of the paid-up share capital or voting rights of RBL Bank within a specified period ending May 12, 2025.
However, the approval requires that the overall stake should not exceed 9.98% at any given time, with any reduction below 5% requiring prior approval from the RBI for an increase.
As of May 10, 2024, quantitative mutual funds
subsidiary of quant Money Managers, already held 4.68% of the share capital of RBL Bank.
Meanwhile, RBL Bank revealed its fourth quarter financial results, showing a 30% rise in net profit compared to the corresponding period of the previous financial year.
The bank reported a net profit of ₹352.5 crore, surpassing the CNBC-TV18 poll estimate of ₹320.7 crore.
RBL Bank’s net interest income (NII) for the fourth quarter stood at ₹1,599.8 crore, slightly lower than Street estimates of ₹1,604.7 crore.
It represents an increase of 17.9% compared to the same period of the previous financial year.
At the time of writing this news, shares of RBL Bank were trading 1.79% higher at ₹250.50 on the BSE.
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