RBL Bank raises Rs 2,025 crore from 40 investors
Private sector lender RBL Bank has raised Rs 2,025 crore from 40 investors, including non-banking lender Bajaj Finance, to bolster its capital base.
Mumbai: Private sector lender RBL Bank has raised Rs 2,025 crore from 40 investors, including non-banking lender Bajaj Finance, to bolster its capital base.
The bank's performance has been under pressure in the past few quarters due to its exposures to a few stressed accounts.
The fund was raised through institutional placement at Rs 351 a share, the bank said in a statement on Friday.
Bajaj Finance, which has had a partnership with RBL to sell co-branded credit cards, has invested Rs 150 crore to get a 0.87 per cent stake, and is among the largest investors in the issue.
The Pune-based group's life cover venture Bajaj Allianz Life has also invested for a 0.65 per cent stake.
The issue involved sale of 5.77 crore shares and the price, which is a discount to the current price, was arrived at using prescribed formula.
Its overall capital adequacy will move up to 15.3 per cent with the core tier-I buffer at 14.3 per cent, as against 12.3 per cent and 11.3 per cent, respectively, in September, the bank said.