AU Small Finance Bank's board approves fundraise of Rs 11,000 crore

It will also raise Rs 6,000 crore in one or more tranches by issue of bonds and non-convertible debentures, the lender said in the statement.

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The board of AU Small Finance Bank on June 27 approved a fundraise of Rs 11,000 crore, the lender said in an exchange filing.

The bank said Rs 5,000 crore will be raised through private placement or qualified institutions placement (QIP) or preferential allotment or through a combination thereof or any other alternative mode, as may be considered appropriate.

It will also raise Rs 6,000 crore in one or more tranches by issue of bonds and non-convertible debentures, the lender said in the statement.

On June 20, it was reported that private equity firm WestBridge Capital divested a 1.75 percent stake in the AU Small Finance Bank for Rs 845 crore through an open market transaction.

WestBridge Capital, through its affiliate Westbridge AIF I, sold shares of the Jaipur-based AU Small Finance Bank through a bulk deal on the National Stock Exchange (NSE).

As per data available, Westbridge AIF I offloaded 1.30 crore shares in AU Small Finance Bank.

Meanwhile, another lender YES Bank approved its fund-raising plans by issue of debt securities. The bank plans to raise funds in Indian and foreign currency through the issue of debt securities, it said. “The options could be non-convertible debentures (NCDs), bonds or medium-term note (MTN) among others,” the bank said.