The Housing Development Finance Corporation (HDFC) has no plans to raise its stake in private lender Ratnakar Bank.
“There is no further investment. You cannot buy more than five per cent (in a bank). We have 4.5 per cent investment in Ratnakar Bank,” HDFC Chairman Parekh told reporters on the sidelines of a conference here today.
Earlier this month, Kolhapur-based Ratnakar Bank said it had raised over Rs 700 crore from a host of investors to fund growth.
Beside HDFC, Beacon India Private Equity Fund, Cartica Capital, Faering Capital, Gaja Capital Partners, Norwest Venture Partners and Samara Capital also bought stake in the bank.
Ratnakar Bank is currently led by Vishwavir Ahuja, the former head of India operations of Bank of America.
Parekh said HDFC aims to leverage on Ratnakar Bank’s rural presence to meet its priority sector commitments.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app