October 12, 2018 / 10:39 AM / 8 days ago

Bandhan Bank gets regulatory relief to bring down promoter stake

(Reuters) - India’s Bandhan Bank Ltd said on Friday the country’s securities regulator exempted it from a restriction on promoters selling shares for one year after listing.

An employee of Bandhan Bank is seen behind a glass bearing the bank's logo inside a branch office in Kolkata, March 8, 2018. REUTERS/Rupak De Chowdhuri/Files

The Reserve Bank of India had earlier barred the lender from opening new branches and froze its chief executive officer’s salary for failing to bring down its main shareholder’s stake to below 40 percent.

Bandhan Bank’s shares closed 0.5 percent lower on Friday.

Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below