RBL Bank share price fell on December 3 after the private sector lender launched the qualified institutional placement (QIP) issue on December 2. RBL Bank share price lost 4.64% to Rs 355.90 compared to the previous close of Rs 373.25 on BSE. The stock of Mumbai-based bank has lost 4.33% in last three days.
The banking stock hit an intra day high of Rs 380.75 in early trade but later erased gains to trade in the red. The mid cap stock has lost 33.8% during last one year and fallen 36.15% since the beginning of this year.
The Capital Raising Committee of the lender cleared the floor price for the QIP at Rs 352.57 per equity share. The QIP price was fixed at a discount of 5.5 percent to Monday's closing price. "We will offer a discount of not more than 5 percent on the floor price," the bank said in a release on BSE.
The lender will hold a meeting of the capital raising committee on or after December 5, 2019 to consider and approve the issue price including a discount.
Board of directors of the bank had cleared the fundraising plan on April 18, 2019, and shareholders passed the Special Resolution for the same at their Annual General Meeting held on July 9 earlier this year.
Meanwhile, board members on December 2 cleared the condensed consolidated interim financial statements and condensed standalone interim financial statements for six months period ended September 30, 2019, of the bank.