RBL Bank to raise Rs 1,680 cr from institutional investors

HDFC Life, ICICI Lombard, ABG Capital, CDC Group, Global IVY Ventures among key investors

RBL Bank on Friday got approval from its board to raise Rs 1,680 crore as equity, by issuing 32.6 million shares on a preferential basis to institutional investors. The money will be used to augment its tier-I capital, the core capital of a bank, to support organic growth and capitalise on inorganic opportunities.  

ABG Capital, CDC Group, Global IVY Ventures, HDFC Standard Life Insurance Company, ICICI Lombard general insurance company, and LTR Focus Fund are among the key investors.

The lender’s board has approved the issuance of shares at a face value of Rs 10 at Rs 515 each. The bank