RBL Bank raises Rs 1,680cr for organic growth; tier I capital

New Delhi, Aug 9 (PTI) Private sector RBL Bank has raised Rs 1,680 crore by issuing shares on a preferential basis."The Capital Raising Committee of the board of directors of the bank has, at its meet

New Delhi, Aug 9 (PTI) Private sector RBL Bank has raised Rs 1,680 crore by issuing shares on a preferential basis.

“The Capital Raising Committee of the board of directors of the bank has, at its meeting held today, allotted 32,621,354 equity shares on preferential basis at a price of Rs 515 adding Rs 16,799,997,310 in the paid up capital of the bank,” it said in a regulatory filing.

Post this preferential allotment of shares, the bank’s paid up share capital has increased to Rs 411.90 crore from Rs 379.31 crore presently.

The bank will use the proceeds from the fund to augment its tier I capital to support future organic growth.

Also, it will help the bank capitalise on inorganic opportunities and for other general corporate purposes.

Stocks of the bank closed 2.89 per cent down at Rs 497.20 apiece on BSE.

This is published unedited from the PTI feed.