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Thursday, April 11, 2013

Ratnakar Bank raises Rs 324 cr

Private sector lender Ratnakar Bank has completed its second round of capital infusion of Rs 324 crore by issuing 3 crore new shares to domestic and global investors.

The bank had last raised capital in January 2011.

With the latest round of funding, the bank has raised total equity capital of Rs 1,100 crore in two years, the bank said in a statement.

Investors in this round of capital raising are International Finance Corporation, a member of the World Bank Group, Aditya Birla Private Equity, ICICI’s Emerging India Fund, IDFC S.P.I.C.E. Fund and Ascent Capital.

Additionally, Faering Capital, an existing investor in the Maharashtra-headquartered bank too participated in the second round.

Vishwavir Ahuja, Managing Director and CEO, Ratnakar Bank said, “This equity raising has significantly strengthened the financial foundation of the bank and will allow us to continue our investments in new products, branches, technology etc to meet customer requirements.”

Source: thehindubusinessline


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