Bandhan Bank shares fall over 6% on receiving Rs 801 crore binding bid for sale of stressed assets

Bandhan Bank shares fall over 6% on receiving Rs 801 crore binding bid for sale of stressed assets

Bandhan Bank shares fell over 6% to Rs 228.40 on Thursday after the bank informed stock exchanges that it has received a binding bid of Rs 801 crore from an Asset Reconstruction Company (ARC) for its written-off portfolio. The bank received the offer on a security receipts consideration basis, for the written-off portfolio with an outstanding of Rs 8,897 crore. The bank said “it shall go for bidding as per the Swiss challenge method and the decision of sale shall be taken as per extant guidelines governing the Swiss challenge method and the relevant policy of the bank.”

Bandhan Bank shares opened at Rs 247.30, over 1% up from its previous close. The shares were trading Rs 13.40 down at Rs 229.65. Its shares touched a 52-week high of Rs 349.50 on May 17, 2022, and a low of Rs 209.45 on November 22, 2022. It has fallen more than 9% in the past year and over 18% in the last six months. At the current market price, it has a total market capitalisation of Rs 36,992.61 crore. It touched an intraday low of Rs 223.55 and a high of Rs 248.65. On Wednesday, the company’s shares closed at Rs 243.05.