RBL Bank on the surge

RBL Bank has been rising for the past two days, gaining 11%. Today, it hit an intraday high at Rs.385.50, rising 5%. Its 10% UC for today stands at Rs.404.40.

The stock price has been going up since yesterday after it announced that the Board of the company will be meeting on 30th Nov for raising funds via preferential issue.

The news on the Street is that it plans to raise around Rs.1500 crore.

Last week there were rumours that the company was in talks with PE funds for a proposed stake sale but the company promptly issued a clarification, culling these rumours.

The rumour mills have been churning ever since the AGM in July’19 where the Board passed a resolution for raising of equity capital.