RBL Bank to raise over Rs 1,500 cr fresh equity at Rs 177 a share

The capital will be issued to institutional investors such as Maple BV (an associate of Barings Private Equity Asia) and ICICI Prudential Life on preferential basis

Private sector lender RBL Bank will raise Rs 1,566 crore in equity by issuing fresh shares to institutional investors such as Maple BV (an associate of Barings Private Equity Asia) and ICICI Prudential Life on preferential basis.

The board of directors has approved a plan to allot 88.47 million shares at a price of Rs 177 per share (of face value Rs 10 each). The transaction is subject to shareholders’ approval, bank said in filing with BSE.

Its stock was trading almost flat at Rs 182.95 on the BSE.

Following the issue of fresh equity, the bank's capital adequacy ratio