Privately-operated Bandhan Bank is looking to raise nearly $77 million from existing investors by the end of this fiscal to fund its expansion, while Swan Energy has received shareholders’ approval to raise nearly $185 million through QIPs, GDRs, ADRs and FCCBs. Besides, IL&FS Transportation Networks will open rights issue worth $114 million on 15 October, proceeds from which will be used to repay loans.
Bandhan Bank to raise $77m from investors
Newly opened private sector lender Bandhan Bank is looking to raise nearly $77 million (Rs 500 crore) from existing investors by the end of this fiscal to fund its expansion plans, said a report in PTI.
The existing investors in the bank include IFC, SIDBI and Caladium Investment Pte Ltd, a company managed by GIC Special Investments Pvt Ltd.
Rajasthan-based Bandhan Bank started operations on August 23 and has opened 523 branches till date. It plans to add 105 more branches in the next five months as part of its expansion drive.
Currently, about 70 per cent of the bank’s branches are in rural India, while 30 per cent are in unbanked rural pockets with a total of 83 lakh customers.
Bandhan Bank is the first instance of a micro-finance entity in India. It received an in-principle approval from the Reserve Bank of India in April last year and the final nod for starting operations in June this year.