Suryoday rasing Rs 100 crore through rights issue

Suryoday Small Finance Bank, which started operations on Monday, is in the process of raising Rs 100 crore through a rights issue to its investors, hoping to take its net worth to Rs 450 crore.

Once an SFB reaches net worth of Rs 500 crore, it is mandatory to list within three years, which the bank hopes can be done by 2020. Suryoday is offering a steep 7.25 per cent interest on savings accounts with deposits of more than Rs one lakh.

For savings account deposits up to Rs 1 lakh, the rate of interest would be 6.25 per cent.