Shares of Bandhan Bank have gained over 3 percent after nearly 1.1 percent of the lender's equity or 1.8 crore shares exchanged hands in two large trades.

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The transaction is valued at Rs 385.4 crore, according to data available on the exchanges. Shares exchanged hands at a price of Rs 219 per share.

Buyers and sellers in the transaction are not immediately known.

However, sources told CNBC-TV18 that a leading sovereign wealth fund is the likely seller in this transaction. The sources further said that the block has multiple buyers, including select domestic mutual funds.

Previously on July 21, BNP Paribas Arbitrage had bought around 88 lakh shares of the bank for around Rs 187 crore in a bulk deal on NSE.

Bandhan Bank reported a net profit of Rs 712 crore for the June quarter as against Rs 886.5 crore in the year ago period. The figure was lower than the CNBC-TV18 poll of Rs 761.4 crore.

The bank stated that the results indicated that the lender was on a stable growth path.

Shares of Bandhan Bank are trading 3.1 percent higher at Rs 223.85. The stock made an intraday high of Rs 225.90 post the block deal. On a year-to-date basis, the stock is down nearly 7 percent.

First Published:Jul 31, 2023 10:29 AM IST