MUMBAI (NewsRise) -- Bandhan Bank's initial public share sale drew strong demand on its last day, signaling improving investor confidence in the nation's banking system hurt by surging bad debt and a $2 billion fraud.
The share sale was oversubscribed 15 times, as investors flocked to grab a share of the India's largest-ever offering by a local bank. Bandhan Bank, a former microfinance lender offering small-value loans and backed by Singapore state investor GIC, received bids for about 1.2 billion shares against the total issue of 83.5 million shares, provisional data from the National Stock Exchange showed.
