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Private sector lender Ratnakar Bank (RBL Bank) has infused about ₹328 crore capital into the bank by selling shares to a group of four global investors.
This is the third such financing in the last three years, the previous being 2012 and 2013, led by global investors such as CDC Group and Asia Capital & Advisors.
Existing investors, including International Finance Corporation and Gaja Capital, also participated in the third round of funding, the bank said in a statement.
Of the total capital, CDC Group invested $28 million (about ₹170 crore), Asia Capital & Advisors invested $21 million (about ₹126 crore) and together International Finance Corporation and Gaja Capital invested $4 million (about ₹25 crore).
These new funds will assist the Kolhapur-based bank in expanding its branch network in semi-urban and rural areas as well as in providing a suite of financial products and services to the unbanked sections of society.
“The bank also plans to raise capital of about ₹1,000 crore through an IPO by the end of this fiscal,” Vishwavir Ahuja, MD and CEO, told Business Line earlier this month.
Ahuja added the bank is likely to end FY14 with a balance sheet of ₹18,000 crore. The profit is expected to be close to three-digit mark in FY14 against ₹19 crore in 2010-11.
In FY13, the bank reported a net profit of ₹92 crore (₹66 crore in the year-ago period) on a balance sheet size of ₹13,000 crore (₹7,200 crore).
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