Capital Local Area Bank to raise Rs 30cr

Capital Local Area Bank, which has been given in-principle approval by RBI to start a small finance bank, today said it plans to raise up to Rs 30 crore through private placement of non-convertible debentures.
"...Company's intention to raise funds through upper tier II non-convertible bonds in the nature of unsecured non convertible debentures to the tune of Rs 25 crore including green shoe option of Rs 5 crore on private placement basis", it said in a BSE filing.
It also said the Board of Directors of will meet on March 19 to consider the said proposal of raising the amount.

Jalandhar-based Capital Local Area Bank along-with nine others was given in-principle approval by the Reserve Bank in September 2015 to function as small finance bank in the private sector.