RBL Bank raises Rs 488 cr pre-IPO

RBL Bank raises Rs 488 cr pre-IPO

Private lender RBL Bank has raised Rs 488 crore through a pre-IPO preferential placement to certain international investors.

“RBL Bank announced completion of a Rs 488 crore pre-IPO preferential placement as provided for in the draft red herring prospectus filed with Securities and Exchange Board of India in June, 2015, to certain international investors including Asian Development Bank (ADB) and CDC Group among others,” the bank said.

The fresh capital was raised for the purpose of augmenting the bank’s tier-I capital base to meet the future capital requirements expected to arise out of growth in the bank’s assets and to comply with RBI’s Basel III guidelines, the bank added.

“This capital raise was undertaken to augment the tier-I capital base of the bank. We continue to remain committed towards building a banking franchise founded on the principles of a broad-based capital base, quality management team, strong operating platform, robust corporate governance framework and processes, comprehensive product suite and modern technology infrastructure,” RBL Bank Managing Director and CEO Vishwavir Ahuja said.

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