By P.R. Venkat

Bandhan Bank Ltd.'s promoters have sold a portion of their stake to meet the Reserve Bank of India's requirement to limit their stake to 40% in the lender.

The bank's holding company Bandhan Financial Ltd. which held a 60.95% stake, sold 20.9% stake in the secondary market, the lender said late Monday.

"In view of the above dilution, all the licensing conditions for the Bank are now complied with," Bandhan Bank said.

According to data from the Bombay Stock Exchange, foreign firms including Credit Suisse, Morgan Stanley and Societe Generale were among those that purchased the shares of Bandhan Bank.

Camas Investments Pte., a unit of Temasek Holdings Pte. also purchased the lender's shares, the data showed. 



  Write to P.R. Venkat at venkat.pr@wsj.com