RBL Bank Ltd, which filed for an initial public offering (IPO) earlier this year, on Monday said it has raised Rs.488 crore through a pre-IPO round of fund-raising.

The private lender raised the funds from international investors including Asian Development Bank (ADB) and UK government’s development finance arm CDC Group Plc, among others, it said in a statement. The Economic Times first reported this on Monday.

For CDC, this is the second investment in RBL. The development finance institution had first invested in RBL in April 2014. CDC took a 4.8% stake in the bank for an investment of $28 million.

The fresh capital was raised to augment the bank’s core capital to meet future requirements expected to arise out of growth in the bank’s assets and to comply with guidelines set by the Reserve Bank of India (RBI), the statement said.

“This capital raise was undertaken to augment the tier 1 capital base of the bank. We continue to remain committed towards building a banking franchise founded on the principles of a broad-based capital base, quality management team, strong operating platform, robust corporate governance framework and processes, comprehensive product suite and modern technology infrastructure,” said Vishwavir Ahuja, managing director and chief executive at RBL Bank.

On 25 June, RBL had filed for an IPO to raise Rs.1,100 crore. The bank is still waiting for market regulator Securities and Exchange Board of India’s (Sebi’s) nod for going ahead with the IPO. Several private equity investors will use the IPO to partially exit their holdings.

Over the last three years, global and local private equity and development funds have invested over Rs.1,400 crore in the bank in three tranches. Housing Development Finance Corp. Ltd (HDFC), Gaja Capital, Faering Capital, Norwest Venture Partners, Samara Capital, Beacon Capital, TVS Shriram, Cartica Capital, Ascent Capital, Aditya Birla Private Equity, IDFC’s Spice Fund and ICICI’s Emerging India Fund are among its shareholders.

In 2014-15, the bank reported a revenue of Rs.2,356.4 crore, compared with Rs.1,612.5 crore in the previous year. It reported a profit of Rs.208.4 crore as against a profit of Rs.92.8 crore an year ago.

The bank has over 184 branches and 358 ATMs across 13 states, it said.

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This article was first published on Livemint.com

India: RBL Bank raises $74m from ADB, UK's CDC ahead of IPO

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