October 12, 2018 / 10:39 AM / 2 months ago

Bandhan Bank gets regulatory relief to bring down promoter stake

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

(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.

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

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