Suryoday Small Finance Bank raises Rs 62 crore to fund growth
The International Finance Corporation (IFC)-backed Suryoday said that the size of capital raising could have been higher but for the market condition.
By ET Bureau |
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Kolkata: Suryoday Small Finance Bank has raised Rs 62 crore from Gaja Capital, Kotak Life, Lok Capital and three other existing investors through a private placement of shares, making it possibly the first capital infusion in a microfinance lender after India imposed lockdown to fight against the spread of Covid-19.
The International Finance Corporation (IFC)-backed Suryoday said that the size of capital raising could have been higher but for the market condition.
"We keep raising smaller rounds of capital without pursuing aggressive valuations to benefit our stakeholders," Suryoday managing director R Baskar Babu told ET.
The capital will help the bank fund its growth. The bank has a loan portfolio of Rs 3,700 crore with a deposit base of Rs 2,800 crore.
The International Finance Corporation (IFC)-backed Suryoday said that the size of capital raising could have been higher but for the market condition.
"We keep raising smaller rounds of capital without pursuing aggressive valuations to benefit our stakeholders," Suryoday managing director R Baskar Babu told ET.
The capital will help the bank fund its growth. The bank has a loan portfolio of Rs 3,700 crore with a deposit base of Rs 2,800 crore.
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