The Hindu Business Line : Bank of Rajasthan to raise Rs 150 cr

Mr M. Venugopalan (left), CMD, Bank of India, with Mr Pravin Kumar Tayal, Chairman, Bank of Rajasthan, at a press conference in Mumbai on Monday. - - Paul Noronha

Mumbai , Jan. 31

BANK of Rajasthan is looking to raise around Rs 150 crore through a preferential issue by March.

This amounts to an equity stake of 14.75 per cent stake, which will be divided equally among the investors of the preferential issue.

The bank is in talks with a few financial institutions and will close the deal subject to regulatory approvals, said Mr Pravin Kumar Tayal, Chairman of the bank.

"Each investor may get around 4.9 per cent. As per regulatory guidelines we can allot only less than five per cent to each investor," he said.

"The funds will be used for expansion of our business and opening of new branches etc," said Mr Tayal.

Bank of Rajasthan today joined Cash Tree, an ATM network set up by six public sector banks.

With this arrangement, customers of Bank of Rajasthan will be able to access a network of over 3,300 ATMs, including 53 owned ATMs.

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