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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 return on its investment.
The shares were sold to US based mutual fund Wasatch Funds.
Gaja Capital managing partner Gopal Jain confirmed the deal but declined to give valuations.
“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.
