September 27, 2020

RBL Financial institution MD trims stake, sells 18.9 lakh shares for Rs 38.5 crore

Mumbai: RBL Financial institution stated its managing director Vishwavir Ahuja has trimmed his stake within the non-public lender to service private debt and cater to family commitments.

In a inventory alternate submitting, the financial institution stated Ahuja offered 18,92,900 shares of the corporate for Rs 38.52 crore over Thursday and Friday. On the finish of June, Ahuja held 1.95 per cent stake or 99,02,990 shares of the financial institution.

“The sale has been pushed primarily with the necessity to extinguish private debt obligations and associated servicing burden, undertaken over the previous few years primarily to train and buy vested ESOPs (and pay related tax), in addition to to care for some urgent family commitments,” the financial institution stated in an alternate submitting.

It stated the sale represented round 18 per cent of his and his family’s whole holdings and Ahuja continues to retain 80,10,000 shares or round 1.6 per cent stake in RBL Financial institution publish the sale of those shares.

Forward of the announcement, RBL Financial institution closed practically four per cent increased at Rs 210.60 on the BSE, whereas Sensex superior 0.9 per cent to shut at 39,467 factors.

The lender’s shares have risen greater than 14 per cent over the past one week, however are nonetheless down 39 per cent yr up to now.