Bandhan Bank seeks 50b rupees from IPO

Bandhan Bank Ltd, the first Indian microfinance lender to get a banking permit, has picked arrangers for an initial public offering that could raise at least 50 billion rupees (RM3.28 billion). The lender, which is backed by Singapore sovereign fund GIC Pte, chose Goldman Sachs Group Inc and JPMorgan Chase & Co to advise on the share sale. Bandhan Bank had a net interest margin of 10.75 per cent in the quarter ended June 30, the highest among banks in the South Asian nation.