RBL Bank has divested its entire 8.16 per cent stake in DAM Capital Advisors through an offer for sale (OFS) during the investment bank’s initial public offering (IPO), raising ₹163.32 crore. RBL Bank said in a regulatory filing to the stock exchanges on Thursday, December 26, that it does not hold any equity stake in DAM Capital Advisors after the latest transaction of the deal.
The transaction was initiated one day before the listing of DAM Capital Advisors shares on the stock exchanges after the conclusion of its ₹840-crore IPO. The private lender sold 57.71 lakh equity shares with a face value of ₹2 each, representing its 8.16 per cent shareholding in DAM Capital.
RBL Bank exits DAM Capital Advisors via OFS deal
The divestment of the stake via OFS marks RBL Bank’s complete exit from the investment bank. Earlier this year, RBL Bank sold 10.60 lakh shares, or a 1.50 per cent stake, in the secondary market. At that time, the secondary market transaction fell below SEBI’s disclosure threshold.
“RBL Bank participated in the IPO of DAM Capital Advisors (DAM Capital) through an offer for sale process and divested its entire holding i.e. 57,71,000 equity shares of face value of Rs. 2 each, representing 8.16 per cent of the issued and paid-up equity share capital of DAM Capital. Following the above transaction, the Bank has no equity shareholding in DAM Capital,” said RBL Bank in a regulatory filing to the stock exchanges.
DAM Capital Advisors IPO details
DAM Capital Advisors IPO was a book-built issue of ₹840.25 crores. The issue is entirely an offer for the sale of 2.97 crore shares. The bidding started on December 19, 2024, and ended on December 23, 2024. The allotment for DAM Capital Advisors IPO was finalized on Tuesday, December 24, 2024. DAM Capital Advisors IPO will be listed on BSE and NSE on December 27, 2024.
DAM Capital Advisors IPO was subscribed 81.88 times on Monday, the closing day of bidding. According to NSE data, the initial share sale received bids for 1,70,35,38,349 shares against 2,08,04,632 shares on offer.
The qualified institutional buyers (QIBs) portion was subscribed 166.33 times, while the quota for non-institutional investors (NII) attracted 98.47 times the bid. The retail individual investor’s portion fetched a subscription of 26.80 times. Nuvama Wealth Management was the book-running lead manager, while Link Intime India Private Ltd was the registrar for the issue.
DAM Capital Advisors’ IPO price band was set at ₹269 to ₹283 per share. The minimum lot size for an application is 53. DAM Capital Advisors provides a wide range of financial solutions in investment banking, including equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), structured finance advisory, and institutional equities, including broking and research.
