RBL Bank (former Ratnakar Bank) today announced its capital infusion of Rs 1,680 crore by selling 3.26 crore shares for Rs 515 per share on a preferential basis to marquee investors.
The bank issued 32,621,354 (or 3.26 crore) equity shares on a preferential basis at a price of Rs 515 per share, adding Rs 16,799,997,310 (Rs 1,680 crore) to the paid-up capital, RBL bank said in a statement.
The small private sector lender had received approval for the capital raise from its Board of Directors on July 7, 2017 followed by approval from its shareholders at its annual general meeting held on August 04, 2017.
Some of the key investors who have participated in this capital raise are CDC Group, Multiples Alternate Asset Management, HDFC Standard Life Insurance Company, Global IVY Ventures, ICICI Lombard General Insurance Company and Steadview Capital. Motilal Oswal Investment Advisors Private acted as advisors to the transaction.
Vishwavir Ahuja, MD and CEO, RBL Bank said, "RBL Bank is well poised to capitalise on the various growth opportunities available through both the organic as well as inorganic route. This infusion will give us the desired flexibility and enable us to maintain our growth momentum."
Srini Nagarajan, Managing Director and Head of South Asia, CDC Group Plc said, "We strongly support RBL Bank’s strategy to expand and provide a range of financial services to under-served parts of the market. CDC’s further equity investment is made on the back of the bank’s strong performance since our original investment in 2014 and will continue to support the bank’s commitment to financial inclusion, as well as the financing of SMEs and agribusiness."
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