RBL Bank raises Rs 1,566 cr from Baring PE, ICICI Pru Life Insurance, three others

NEW DELHI: Baring PE, ICICI Pru Life Insurance and CDC Group are some of the names that have invested a total of Rs 1,566 crore in RBL Bank under a preferential issue. The funding will help the lender increase its capital adequacy ratio.

The bank issued 8.84 crore shares at Rs 177 per share to five investors. The shares have been allotted at a discount of 4.19 per cent to the previous close.

Thanks to the issue, the CAR of the lender will increase to 18.6 per cent with common equity tier 1 increasing to 17.4 per cent based on levels at the end of June.

Post the allotment of shares, Maple II BV (a unit of Baring PE) will own 9.45 per cent in the company. Similarly, ICICI Pru Life Insurance will hold 3.13 per cent, CDC Group 5.55 per cent, Gaja Capital Fund Fund II 1.35 per cent and Gaja Trustee Company 0.07 per cent in RBL Bank.

The allotment is subject to shareholder approval. For that the company also called for an extraordinary general meeting (EGM) on September 12.

In the Q1, excess provisions of Rs 460 crore led small-sized private sector lender to report a 47 per cent decline in net profit of Rs 141 crore.