HDFC, PE consortium invest in Ratnakar Bank

Kolhapur-based Ratnakar Bank has raised equity funding from India's largest mortgage lender HDFC Ltd and consortium of private equity investors including Norwest Venture Partners, Beacon India Private Equity Fund, Cartica Capital, Faering Capital, Gaja Capital Partners and Samara Capital, among others. The bank has raised Rs 720 crore through the issue. The firm has also opened its Mumbai Main Office at Lower Parel.

Ratnakar Bank, a scheduled commercial bank established in 1943, has a network of 98 licensed branches spread across Maharashtra, Gujarat, Delhi, Karnataka & Goa. It has assets exceeding Rs 2086 crores and deposits of Rs 1585 crore as of March 2010. According to Care  Ratings, the bank had a total income of Rs 157.39 crore with a net profit of Rs 19.4 crore during FY10. The bank