RBL Bank Raises Share Capital and Appoints Auditors
RBL Bank Raises Share Capital from Rs. 700 crore to Rs. 1,000 crore by creating additional equity shares. And appoints Joint Statutory Auditors and Secretarial Auditors know about them in here.
by Damodharan N
Updated Jun 29, 2024
RBL Bank Limited has made significant decisions during its recent board meeting held on June 27, 2024:
- Appointment of Joint Statutory Auditor: The board approved the appointment of M/s. KKC & Associates LLP as one of the Joint Statutory Auditors for a three-year term starting from the conclusion of the 81st Annual General Meeting (AGM) until the conclusion of the 84th AGM. This appointment is subject to member approval.
- Increase in Authorised Capital: The board has proposed to increase the Bank's Authorized Capital from Rs. 700 crore to Rs. 1,000 crore by creating additional equity shares. This proposal is pending approval from the Reserve Bank of India and the Bank's members.
- Enabling Approvals for Fund Raising: The board has enabled the bank to raise funds through:
- Qualified Institutions Placement (QIP) for up to Rs. 3,500 crore.
- Issue of debt securities on a private placement basis for up to Rs. 3,000 crore.
These fund-raising initiatives are subject to regulatory approvals and will be presented for approval at the upcoming 81st AGM.
- Appointment of Secretarial Auditor: M/s. S. N. Ananthasubramanian & Co. has been appointed as the Secretarial Auditors for FY2024-25.
These decisions reflect RBL Bank's strategic moves to strengthen its financial capabilities and governance framework, pending necessary approvals from regulatory bodies and shareholders.
RBL Bank Limited
RBL Bank Limited, established in 1943 before India's independence, has been a longstanding financial partner in India for over 80 years. It is a prominent private sector bank known for its comprehensive range of banking services across the country.
RBL Bank operates through five key business divisions: Corporate Banking, Commercial Banking, Branch Banking & Retail Liabilities, Retail Assets, and Treasury & Financial Markets Operations. Serving more than 15.57 million customers.
The bank has a wide network comprising 545 branches, 1,272 business correspondent branches (including 297 banking outlets), and 395 ATMs across 28 states and Union Territories in India. RBL Bank is publicly listed on both the NSE and BSE under the ticker symbol RBLBANK.
RBL Bank Raises Share Capital and Appoints Auditors - FAQs
1. When was RBL Bank established?
RBL Bank was established in 1943.
2. What sectors does RBL Bank cater to?
RBL Bank serves Corporate Banking, Commercial Banking, Branch Banking & Retail Liabilities, Retail Assets, and Treasury & Financial Markets Operations.
3. How many customers does RBL Bank serve?
RBL Bank serves over 15.57 million customers.
4. Where is RBL Bank headquartered?
RBL Bank is headquartered in Mumbai, India.
5. How much is RBL Bank planning to increase its Authorized Capital by?
From Rs. 700 crore to Rs. 1,000 crore by issuing more equity shares.
6. What are Qualified Institutions Placements (QIPs)?
They are ways for RBL Bank to raise funds by selling shares to institutional investors.
7. How much money does RBL Bank plan to raise through QIPs?
RBL Bank plan to raise through QIPs Up to Rs. 3,500 crore.
8. What are debt securities issued on a private placement basis?
These are bonds or debentures that RBL Bank will offer to specific investors privately.
9. How much money does RBL Bank plan to raise through debt securities?
RBL Bank plan to raise through debt securities Up to Rs. 3,000 crore.
10. What recent decisions has RBL Bank made regarding its capital?
RBL Bank has proposed to increase its Authorized Capital from Rs. 700 crore to Rs. 1,000 crore.
11. Who has been appointed as the Secretarial Auditors for FY2024-25?
M/s. S. N. Ananthasubramanian & Co. has been appointed as the Secretarial Auditors for the fiscal year 2024-25.