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Suryoday Small Finance Bank (SSFB) has raised ₹158 crore through a combination of rights issue and private placement.
The Navi Mumbai-headquartered bank mopped up ₹100 crore via a rights issue and raised ₹58 crore through private placement, according to a statement issued by the bank.
Following this capital-raising exercise, the bank said its revised networth stands at ₹512 crore.
TVS Shriram Growth Fund, a new investor, has invested about ₹41 crore in the bank’s capital-raising programme. The Fund has a post-issue shareholding of 4.5 per cent in SSFB.
SSFB said other existing investors who participated in its rights issue include HDFC Holdings, HDFC Life, ASK Pravi Group, IFC (World Bank Group), Developing World Markets, responsAbility Investments AG, Gaja Capital and Evolvence India Fund II, Family Offices and HNIs.
The foreign shareholding, post-issuance stands reduced to 46.3 per cent from the 49 per cent FDI permissible under extant regulations for small finance banks.
The bank said the capital raised would be used to make investments in technology and expand the distribution network.
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