CS Ghosh could promote vital stake in Bandhan Monetary

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

Bandhan Monetary Companies 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, based on the FY23 annual report of Bandhan Monetary Companies.

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

In response to extremely positioned sources conscious of the matter, Ghosh is exploring prospects to monetise his holding in Bandhan Monetary Companies. “He has initiated some early talks with just a few banks to think about shopping for out his stake within the holding firm however hasn’t acquired encouraging suggestions but. A number of personal fairness traders have additionally been approached and talks are at early levels,” mentioned two bankers conscious of the matter. It’s gathered that Ghosh might not be looking 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 opportunity of a stake sale as speculative. “I wish to maintain a strategic function 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 resolution to step down from the put up 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.