RBL Bank, a private sector lender, has raised Rs 2,025 crore through a qualified institutional placement.
Bajaj Finance, its partner in the credit card segment, was one of the investors and it put Rs 150 crore in the issue. The firm was also among the largest investors. The group’s life insurance venture — Bajaj Allianz Life — has also picked up a 0.65 per cent stake. The issue involved a sale of 5.77 crore shares at a price of Rs 351 apiece, which is a discount to the current market price. Following the QIP, the lender’s overall capital adequacy will move up to 15.3 per cent, RBL Bank said.
Giving a break-up of the investors, it said 10 of the 40 investors are new, and that 60 per cent of the money has been raised from domestic mutual funds and insurance companies, while the rest are foreign investors from Asia and Europe.
Other investors include Abakkus Growth Fund, Aditya Birla Sun Life, Axis Mutual Fund, BNP Paribas Cap Fund, Edelweiss Alpha Fund and HDFC Trustee Company, among others.
“This capital infusion significantly enhances our capital adequacy, and positions us well to capitalise on the various growth opportunities available to us, especially as economic growth returns to normal,” RBL managing director Vishwavir Ahuja said.
