Markets

RBL Bank MD trims stake, sells 18.9 lakh shares for Rs 38.5 crore

Mumbai: RBL Bank said its managing director Vishwavir Ahuja has trimmed his stake in the private lender to service personal debt and cater to family commitments.

In a stock exchange filing, the bank said Ahuja sold 18,92,900 shares of the company for Rs 38.52 crore over Thursday and Friday. At the end of June, Ahuja held 1.95 per cent stake or 99,02,990 shares of the bank.

“The sale has been driven primarily with the need to extinguish personal debt obligations and related servicing burden, undertaken over the last few years mainly to exercise and purchase vested ESOPs (and pay associated tax), as well as to take care of some pressing family commitments,” the bank said in an exchange filing.

It said the sale represented around 18 per cent of his and his family’s total holdings and Ahuja continues to retain 80,10,000 shares or around 1.6 per cent stake in RBL Bank post the sale of these shares.

Ahead of the announcement, RBL Bank closed nearly 4 per cent higher at Rs 210.60 on the BSE, while Sensex advanced 0.9 per cent to close at 39,467 points.

The lender’s shares have risen more than 14 per cent over the last one week, but are still down 39 per cent year to date.

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