RBL Bank, one of India's fastest growing private sector banks, today announced that it has successfully completed the capital infusion of Rs. 1680 Cr. from a set of marquee investors. The Bank had received approval for the capital raise from its Board of Directors on July 07, 2017 followed by approval from its shareholders at its AGM held on August 04, 2017.
The Bank has issued 32,621,354 equity shares on preferential basis at a price of Rs 515 per share, adding Rs 16,799,997,310 in the paid up capital of the bank.
Some of the key investors who have participated in this capital raise are CDC Group Plc, 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 Limited acted as advisors to the transaction.
Vishwavir Ahuja, MD and CEO, RBL Bank said, "We are extremely happy that such an illustrious set of investors have shown confidence in the banks' ability to scale higher. RBL Bank is well poised to capitalize 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."