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RBL Bank corrects after board OKs fund raising
02-Dec-19 15:49Hrs IST

RBL Bank's board agreed to allot 2.42 crore shares at Rs 340.70 each to five investors, including Bajaj Finance. Other investors include East Bridge Capital Master Fund I and FEG Mauritius FPI, along with Ward Ferry Management-managed hedge fund WF Asian Reconnaissance Fund and Asia-focused stock hedge fund, lshana Capital, RBL Bank said in an exchange filing.

The development follows RBL Bank's announcement to shareholders at its annual general meeting on 9 July 2019 that it would raise equity capital not exceeding Rs 3,500 crore.

Shares of RBL Bank fell 2.50% in two trading sessions to its current market price of Rs 371.45 from its recent closing high of Rs 381 on Thursday, 28 November 2019.

In the past one month, shares of RBL Bank jumped 19.62% to its current market price of Rs 371.45, outperforming the Nifty Private Bank index's 5.35% rise in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 63.502. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 320.51, but below its 200 DMA placed at Rs 509.04.

On a standalone basis, RBL Bank's net profit slumped 73.4% to Rs 54.31 crore on 42.9% surge in total income to Rs 2,567.68 crore in Q2 September 2019 over Q2 September 2018.

RBL Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, agriculture finance and financial inclusion, treasury operations and other banking related activities.

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