Bandhan Bank jumps 7.5%

Bandhan Bank is in the limelight today morning, the stock price rising 7.5% to Rs.508.70 and remains very firmly in the green.

RBI, which had earlier imposed a restriction on Bandhan Bank’s branch expansion as it failed to reduce promoters stake to 40% from 82% within the stipulated 3-year time frame has now removed this restriction.

While the bank is still working on diluting the promoters stake, RBI said that it could go ahead and expand. It plans to add another 40 branches by December 31, taking the total number to 978.

The Bank is reportedly exploring open offer for sale as one of the options to bring down the stake.