CS Ghosh might promote important stake in Bandhan Monetary

Days after saying his resignation from Bandhan Financial institution as MD & CEO efficient from July 9, 2024, Chandra Shekhar Ghosh is claimed to be exploring numerous potentialities along with his shareholding in Bandhan Monetary Providers, together with promoting part of stake held by the promoter group.

Bandhan Monetary Providers is the non-bank core funding firm (CIC) which holds the shares of Bandhan Financial institution although Bandhan Monetary Holdings Restricted. Monetary Inclusion Belief, North East Monetary Inclusion Belief and Bandhan Worker’s Welfare Belief collectively maintain 55.34 per cent stake within the firm, in response to the FY23 annual report of Bandhan Monetary Providers.

These are mentioned to be the entities via which Ghosh and/or his members of the family together with some staff of Bandhan group maintain shares in Bandhan Financial institution. Different shareholders of Bandhan Monetary Providers embody SIDBI, Worldwide Finance Company and Singapore based mostly sovereign wealth fund, GIC held via Caladium Investments Pte Restricted (see desk).

In keeping with extremely positioned sources conscious of the matter, Ghosh is exploring potentialities to monetise his holding in Bandhan Monetary Providers. “He has initiated some early talks with a couple of banks to think about shopping for out his stake within the holding firm however hasn’t acquired encouraging suggestions but. Just a few personal fairness buyers have additionally been approached and talks are at early phases,” mentioned two bankers conscious of the matter. It’s gathered that Ghosh is probably not searching for a full exit from the holding firm and will proceed to carry about 10 per cent stake within the firm.

E-mail despatched to Bandhan Financial institution remained unanswered until press time. Nevertheless, when contacted over a cellphone name, CS Ghosh termed the potential of a stake sale as speculative. “I wish to maintain a strategic position within the holding firm,” he replied.

Bandhan group via Bandhan Monetary Holdings has lately expanded its curiosity to life insurance coverage enterprise by buying controlling stake in Ageon Life Insurance coverage. Final 12 months, the Bandhan Monetary Holdings together with GIC and ChrysCapital acquired IDFC Mutual Funds for Rs 4,500 crore. On April 5, 2024, Ghosh introduced his determination to step down from the publish of MD & CEO of Bandhan Financial institution as soon as his time period ends on July 9, 2024. In February, businessline reported {that a} forensic audit is at present underway on the financial institution.