Ratnakar Bank raises Rs 328 crore from overseas investors

The funds would be used to expand Ratnakar's branch network in semi-urban and rural areas, the bank said in a statement.

By ET Bureau | Apr 11, 2014, 04.36 AM IST

MUMBAI: Kolhapur-based private sector lender Ratnakar Bank on Thursday raised Rs 328 crore from investors like CDC Group and Asia Capital and Advisors as part of its third round of financing in the last three years.

Existing investors, including IFC and Gaja Capital, also participated in this round. The bank will use funds to expand its branch network in semiurban and rural areas and in providing a suite of financial products and services to the unbanked sections of society.

Over the last three years, the investors have invested capital of over Rs 1,500 crore, taking the tier 1 capital to Rs 2,000 crore.

Start a SIP with as low as ₹500 with ET Money App!