INSUBCONTINENT EXCLUSIVE:
MUMBAI: Private equity fund Gaja Capital has sold a part of its stake in RBL Bank for an undisclosed sum via a block deal making eight times
The shares were sold to US based mutual fund Wasatch Funds.
Gaja Capital managing partner Gopal Jain confirmed the deal but declined to give
“This is a milestone in our journey with RBL Bank and marks our second exit after the IPO in which we had partly sold some shares
This has been a successful story as the bank has done really well
We are proud of being anchor investors for this bank,” Jain said.
Gaja invested into RBL in three tranches starting 2011
At its peak the private equity firm owned 5 per cent of the bank’s stock
After this second exit, the bank will hold 1.50 per cent of RBL
It had partly sold some shares when the bank went public in August 2016
The deal happened within a price range of Rs 560-570 per share, a premium to the bank’s Thursday closing of Rs 543 per share
Gaja which invested through its fund GPE (India) owned 1.64 per cent of the bank before the latest sale.
