BoR is looking to raise almost Rs 75-80 cr:Scrs
Earlier there were news reports that the bank is looking at making a preferential allotment of 10% stake in two tranches of slightly less than 5% this fiscal. Private equity players and foreign banks were also said to be in touch with the bank. Promoters currently hold a 44% stake in the bank, which they have to bring down to 10%, according to Reserve Bank of India regulations. It was also reported that other private sector banks like Federal Bank were in touch with the bank. However, talks failed over high valuations. Investment bankers were also said to be in touch with other banks including ICICI Bank, but this could not be confirmed.
