New Delhi, Aug 17 (PTI) RBL Bank on Wednesday said it has offloaded over 12 per cent stake in Kilburn Engineering since May for a total consideration of over Rs 17 crore.

The private sector lender had acquired 67,50,000 equity shares of Kilburn Engineering (Kilburn) under a debt recast plan.

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This represented 19.67 per cent share capital of the company, as part of conversion of loans outstanding under debt restructuring plan by RBL Bank in February 2021, and subject to lock-in for one year.

"We now wish to inform...the bank has further sold 22,00,000 equity shares representing 6.41 per cent of the paid-up share capital of Kilburn Engineering," RBL Bank said in a regulatory filing.

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RBL Bank said the sale transactions happened through stock exchanges at prevailing market price during May 17 to August 17, 2022. On August 12, it had sold 7,07,468 shares (2.06 per cent stake) and offloaded 12,42,532 shares (3.62 per cent) on August 11.

RBL Bank said the sale percentage crossed 2 per cent on August 11; 4 per cent on August 12 and 12 per cent on August 17, 2022.

Listed companies are required to make disclosures if the shareholding gets affected by 2 per cent and above.

"The total consideration for the sale of 41,50,000 equity shares is Rs 17,00,94,821 (till August 17, 2022)," the lender said.

The lender said its shareholding in Kilburn has come down to 7.58 per cent post these sales of equity shares.

For fiscal ended March 31, 2022, the total income of Kilburn stood at Rs 124.40 crore. Its balance sheet size was Rs 232.87 crore.

In a separate filing, the bank said it has convened a board meeting on August 22 to consider a proposal to raise funds by issuing debt securities on private placement basis. However, it did not mention the size of the fund mop-up.

Stock of RBL Bank closed at Rs 100.95 apiece on BSE, up by 3.17 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)