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ESAF Small Finance Bank raises Rs 464 cr through private placement of shares

Press Trust of India  |  New Delhi 

Wednesday said it has raised Rs 464 crore through private placement of its common stock and will use the proceeds to support growth as well as for

In the private placement, Insurance Co Ltd and ESAF Multi-State have taken a stake of 4.99 per cent each in (SFB), the company said in a statement.

Among others, and Insurance have taken a stake of 4.08 per cent and 1.45 per cent respectively.

Seven other investors have also taken stake in

With the infusion of additional capital, the net worth of the bank has increased to Rs 807 crore and the CRAR to 27.9 per cent, ESAF said.

"The proceeds from the private placements will be used for general corporate purposes, and to support future growth," said K Paul Thomas, MD and CEO, ESAF Small Finance Bank.

He said the infusion reflects the confidence in the company's continued growth and profitability.

ESAF said it has accumulated Rs 3 billion worth deposits in the first half of the financial year and has added 2.5 million customers.

With 2 million borrowers, the bank has accumulated 4.4 billion in loans and advances, it added.

The bank currently has 422 banking outlets, which include 297 ultra-small branches and 125 new spread across 11 states in

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 20:50 IST