The Housing Development Finance Corporation (HDFC) has no plans to raise its stake in private lender Ratnakar Bank.
“There is no further investment. You cannot buy more than five per cent (in a bank). We have 4.5 per cent investment in Ratnakar Bank,” HDFC Chairman Parekh told reporters on the sidelines of a conference here today.
Earlier this month, Kolhapur-based Ratnakar Bank said it had raised over Rs 700 crore from a host of investors to fund growth.
Beside HDFC, Beacon India Private Equity Fund, Cartica Capital, Faering Capital, Gaja Capital Partners, Norwest Venture Partners and Samara Capital also bought stake in the bank.
Ratnakar Bank is currently led by Vishwavir Ahuja, the former head of India operations of Bank of America.
Parekh said HDFC aims to leverage on Ratnakar Bank’s rural presence to meet its priority sector commitments.
