RBL Bank pares stake in Kilburn Engineering

RBL Bank sold 17.78% stake in Kilburn Engineering between May and August 2022.

Between 17 May 2022 and 19 August 2022, the bank sold 61 lakh equity shares, or 17.78% equity

The bank said that the sale transactions were carried out through stock exchanges at the prevailing market price. The total consideration for the sale of 61 lakh equity shares stood at Rs 27.07 crore.

Kilburn Engineering was incorporated on 7 September 1987 and is engaged in industrial machinery in nature of dryers. The company reported a net profit of Rs 2.89 crore as against a net loss of Rs 67 lakh in Q1 FY23 over Q1 FY22. Net sales jumped 158.5% YoY to Rs 48.90 crore in Q1 FY23.

RBL Bank is one of India's fastest growing private sector banks with an expanding presence across the country. As of 31 March 2022, the bank had 502 branches and 1,302 business correspondent branches, of which 289 were banking outlets. RBL Finserve, a 100% subsidiary of the bank, accounted for 789 business correspondent branches.

RBL Bank reported standalone net profit of Rs 201.16 crore as against a net loss of Rs 459.47 crore in Q1 FY23 over Q1 FY22. Total income rose marginally to Rs 2,702.91 crore in Q1 FY23 from Rs 2,679.19 crore in Q1 FY22.

Shares of RBL Bank fell 2% to Rs 97.85 while Kilburn Engineering declined 1.42% to Rs 52.10 on the BSE.

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