Overview
- The government opened the OFS for institutional investors at a floor price of Rs 31 per share, with the auction structured over two exchange sessions.
- The base offer covers 4% of equity and carries an option to sell an additional 4% through a greenshoe, which would raise roughly Rs 2,456 crore if fully exercised.
- Shares fell about 5–6% on the OFS opening, trading near the Rs 31–32 level as markets priced in the new supply and the roughly 8.6% discount to the prior close on May 22.
- Retail investors and eligible employees can bid on May 25, with 7.5 million shares reserved for employees who may apply for up to Rs 5 lakh each and at least 10% of the offer set aside for retail buyers.
- The sale responds to SEBI's 25% public‑shareholding requirement and follows the bank's weak March quarter results, which cut net profit by about 30% and have weighed on investor demand this year.