RBL Bank Allots Preferential Shares Worth Rs 676 Crore, Completes Fundraising
A RBL Bank branch in Mumbai, India. (Photo: BloombergQuint)

RBL Bank Allots Preferential Shares Worth Rs 676 Crore, Completes Fundraising

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RBL Bank Ltd. has raised Rs 675.80 crore through preferential allotment of shares, completing total fundraising of Rs 2,701 crore.

A total of 1.98 crore shares were allotted preferentially at Rs 340.70 apiece on Dec. 30, the private lender said. "This brings the total capital raised by the bank to Rs 2,701 crore through preferential allotment and the qualified institutional placement completed earlier this month," it said in a release.

The equity shares were allotted to East Bridge Capital Master Fund I Ltd., FEG Mauritius FPI, Ishana Capital Master Fund, and WF Asian Reconnaissance Fund.

The preferential allotment increases the bank's total capital adequacy ratio to 16.31 percent and core equity tier I ratio to 15.29 percent.

"The completion of the fundraise through preferential allotment further enhances the long-term capital resource for the bank,” Vishwavir Ahuja, managing director and chief executive officer at RBL Bank, said in a statement.

“This equity capital infusion together with the QIP earlier this month significantly strengthens our capital adequacy ratio and enables us to continue investing in the growth of our businesses," he added.

On Tuesday, RBL Bank shares fell 0.04 percent to Rs 344.85 apiece on the NSE while the benchmark Nfity 50 shed 0.71 percent to end the day at 12,168.45 points.

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