Fino Payments Bank is looking to raise up to ₹300 crore through a share sale by October, a top official has said.

“We should raise ₹300 crore by September-October,” Managing Director and Chief Executive Rishi Gupta told reporters here.

He said funds will be raised through a private palcement of shares, which will involve fresh issue of equity shares to investors and the proceeds will be used for business expansion, technology and marketing.

He further said some of the existing promoters may dilute thier stakes through the transaction.

The bank, which has ICICI Bank, IFC and the State-run oil marketeer BPCL among others as shareholders, is in the final stages of appointing merchant bankers for the share sale, he said.

It is targeting to increase the number of branches by 100 during the fiscal in addition to the current 422, he said.

The bank also launched four new products, including a UPI platform, highway toll payment product, net banking service and a digitally opened savings account.

It is also planning to rollout 10,000 micro-ATMs, he said.