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RBL Bank will raise ₹1,556 crore through a preferential issue of shares with investments from Baring Private Equity, ICICI Prudential Life Insurance and CDC Group.
“The preferential issue post closure will result in an increase of the capital adequacy ratio of the bank to 18.6 per cent with Common Equity Tier I increasing to 17.4 per cent…for the quarter ended June 30, 2020,” it said in a regulatory filing on Thursday after a meeting of its board of directors.
The bank will issue 8.84 crore equity shares on a preferential basis at a price of ₹177 apiece. This is about 4.19 per cent lower than Wednesday’s closing price of ₹184.75 apiece on BSE.
EGM on Sept 12
The private sector lender will also hold an extraordinary general meeting on September 12 to seek shareholder approval for the capital raise.
Post the allotment of shares, Maple II BV (affiliated to Baring PE) will hold 9.45 per cent in the lender while CDC Group will hold 5.55 per cent stake. The stake of ICICI Prudential Life Insurance will amount to 3.13 per cent, Gaja Capital Fund II will be 1.35 per cent and Gaja Trustee Company (on behalf of Gaja Capital India AIF) will be 0.07 per cent.
RBL Bank is the latest bank to raise capital amidst the Covid-led uncertainty.
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