RBL Bank raises Rs 676 cr via preferential allotment of shares

RBL Bank on Tuesday said it has raised Rs 675.80 crore through preferential allotment of shares, completing total fund raising of Rs 2,701 crore.

A total of 1.98 crore shares were allotted preferentially at a price of Rs 340.70 per share on December 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 Institutions Placement (QIP) completed earlier this month," it said in a release.

The preferential allotment increases the bank's total capital adequacy ratio to 16.31 per cent, core equity tier I ratio to 15.29 per cent, enhancing the bank's capital adequacy.

The allotment of equity shares was made to East Bridge Capital Master Fund I Ltd, FEG Mauritius FPI, Ishana Capital Master Fund and WF Asian Reconnaissance Fund.

"The completion of the fund raise through preferential allotment further enhances the long-term capital resource for the bank. 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," RBL Bank MD and CEO Vishwavir Ahuja said.