Utkarsh to raise further funds
Utkarsh Small Finance Bank is planning to raise `100-`150 crore from its existing investors by selling 10-15% stake. The bank’s current investors include Aavishkar Goodwell, an MFI-focused private equity firm, Lok Capital, a venture capital fund, Norwegian Microfinance Institution, a partnership between the Norwegian public and private sectors that invests in microfinance institutions in developing countries and provides professional assistance and technical support, and CDC Group, a UK-based development finance institution. RBL Bank holds about 10% stake, but it cannot increase its stake without approval from the Reserve Bank of India. In September 2016, the bank had raised `395 crore from domestic institutional investors in an effort to lower the foreign holding in the company to below 49% and comply with RBI guidelines on foreign shareholding in SFBs.