Private sector lender RBL Bank Limited on Friday (August 29) said its board of directors has approved proposals for seeking shareholder approval at the upcoming 82nd annual general meeting (AGM) to raise funds through equity and debt instruments.
The board authorised raising up to ₹3,500 crore through a qualified institutions placement (QIP) by issuing equity shares, in one or more tranches, at an appropriate time. The authorisation, once approved by shareholders, will remain valid for 365 days from the date of passing the special resolution at the AGM.
Additionally, the board has approved seeking shareholder approval for the issuance of debt securities worth up to ₹3,000 crore on a private placement basis in one or more tranches, which will remain valid for one year from the date of the resolution.
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The bank noted that similar approvals were granted by shareholders at the 81st AGM held on August 7, 2024, but their validity has since expired. No funds were raised under those earlier authorisations.
First quarter results
Net interest income for the quarter fell 13% from last year to ₹1,480.6 crore, which is lower than the CNBC-TV18 poll of ₹1,521 crore. The lender had reported a core income of ₹1,700 crore during the same quarter last year.
Net profit for the period nearly halved to ₹200 crore, a 46.2% drop from the base quarter’s level of ₹372 crore. The figure though, was higher than the CNBC-TV18 poll of ₹159 crore.
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Asset quality saw some deterioration from the March quarter, with gross NPA at 2.78% from 2.6% in March, while Net NPA stood at 0.45% from 0.29% in March.
Shares of RBL Bank Ltd ended at ₹261.15, up by ₹9.50 or 3.78%, on the BSE today (August 29).
