RBL Bank announced on Friday that it has raised fresh capital worth ₹1,566 crores via preferential allotment of shares to a group of investors led by Baring Private Equity Asia. The other investors in the preferential allotment list include ICICI Prudential Life Insurance Company, Gaja Capital and CDC Group Plc.
Through its vehicle Maple II B.V., Baring Private Equity Asia invested an amount of ₹999 crores followed by ICICI Prudential which invested ₹330 crores while Gaja Capital invested an amount of ₹150 crore. CDC Group Plc invested a sum of ₹86 crore.
“The completion of the fundraise strengthens the Bank’s balance sheet and at the same time it allows us to further accelerate our investments in enhancing our capabilities and delivery platforms, both in digital and physical infrastructure,” Vishwavir Ahuja, managing director and chief executive officer, RBL Bank said in a statement.
The bank hinted at its intent to invest in newer products like affordable mortgages and expressed their plan to strengthen their semi-urban and rural offering.
“We are very well positioned to capture growth in our existing businesses, invest in newer products like affordable mortgages which will strengthen our semi-urban and rural offering and also potentially capture other interesting opportunities that may arise as we navigate the future. We are extremely well placed on capital, liquidity and distribution to now regain our momentum as we emerge out of the COVID-19 pandemic with greater resilience ” Ahuja added.
“RBL Bank has a market-leading position in its target segments, a best-in-class digital presence, and a strong management team that together make it one of the fastest-growing new-age banks in India,” Managing director of Baring Private Equity Asia, Jimmy Mahtani said.
