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Ratnakar Bank raises $55M round from CDC, Asia Capital and existing investors

By Bhawna Gupta

  • 10 Apr 2014
Ratnakar Bank raises $55M round from CDC, Asia Capital and existing investors

PE-backed regional private lender Ratnakar Bank Ltd (RBL) has raised Rs 328 crore ($54.5 million) from a group of investors as part of a new round, which takes its total disclosed private funding to date to over $230 million.

CDC had recently disclosed it has invested $28 million (Rs 168 crore) in RBL to acquire 4.8 per cent stake, valuing the bank at Rs 3,500 crore ($583 million). The bank has now said it is part of a larger round in which others also participated.

Asia Capital and Advisors Pte Ltd joined CDC to invest in the bank and existing investors—IFC, Gaja Capital—also put in more.

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Founded in 1943, Ratnakar Bank was traditionally concentrated in Maharashtra, Karnataka and Goa. In 2010, however, a new management team was brought in to pursue an expansion strategy. Today the bank has a business size of over $3.5 billion and offers its services to over 500,000 customers.

Ratnakar Bank currently has a network of over 160 branches with 350 ATMs across 12 Indian states. It offers specialised services under the five business verticals—corporate & institutional banking, commercial banking, retail banking, agri & development banking and financial markets.

Last year in February, the bank raised $60.64 million from a group of investors, including Aditya Birla PE, IFC, IDFC Alternatives and Ascent Capital, among others, which valued it at around $511 million, according to VCCEdge, the data research platform of VCCircle.

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In August 2013, it had acquired the business banking, credit cards and mortgage portfolios of Royal Bank of Scotland (RBS) for an undisclosed amount.

(Edited by Joby Puthuparampil Johnson)

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