RBL Bank cuts stake in this engineering company; sells 10 lakh shares

RBL Bank has further brought down its shareholding in Kilburn Engineering by selling an additional 2.92 per cent stake through stock exchanges.

The bank has further sold 10,00,000 equity shares representing 2.92 per cent of the paid-up share capital of Kilburn Engineering Ltd, RBL Bank said in a regulatory filing on Friday.

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

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

RBL Bank offloaded shares in the engineering firm between May 17, 2022, and August 19, 2022, (including these dates) through stock exchanges at the prevailing market price.

The total consideration for the sale of 61,00,000 equity shares is Rs 27,07,77,321 (till August 19, 2022), it said.

"Post the said sale, the bank holds 1.89 per cent of the paid-up share capital of Kilburn," the bank added.

For the 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.