RBL Bank exits DAM Capital via offer for sale, bags ₹163.32 crore

RBL Bank has divested its entire 8.16% stake in DAM Capital Advisors through an offer for sale (OFS) during the latter’s initial public offering (IPO), which was open from December 19-23, 2024. The sale, amounting to ₹163.32 crore, was disclosed in an exchange filing by the bank.

The lender sold 57.71 lakh equity shares with a face value of ₹2 each, representing its 8.16% shareholding in the investment bank. Following this transaction, RBL Bank no longer holds any equity stake in DAM Capital.

This sale marks RBL Bank’s complete exit from DAM Capital, having previously sold 10.60 lakh shares, or a 1.50% stake, in the secondary market earlier this year. The secondary market transaction fell below SEBI’s disclosure threshold.

DAM Capital’s ₹840-crore IPO closed on December 23 with overwhelming demand, registering a subscription of 81.88 times. Qualified institutional buyers led the charge with a 166.33x subscription, while non-institutional investors subscribed 98.47 times their reserved portion.

DAM Capital Advisors’ shares are expected to list on the BSE and NSE on Friday, December 27, 2024. The IPO comprised an OFS of 2.96 crore equity shares by the promoter and investors. An advisory firm led by nvestment banker Dharmesh Mehta garnered ₹251.48 crore through its anchor book on December 18, a day before the issue opening. The price band for the public issue was set at ₹269-283 per share.

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RBL Bank shares closed ₹1.41 (0.86%) lower at 161.60 apiece on the NSE on December 26.