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Bandhan Bank to tap investors

Bandhan Bank is proposing to raise Rs 500 crore from existing investors to fund its expansion plans.The funds are expected to be raised during the current financial year. According to Chandra Shekhar Ghosh, MD and CEO of the bank, the funds would raised by the end of this financial year. He added that the bank will tap existing investors and the funds would be used to expand business and network. The bank’s investors include IFC, SIDBI and Caladium Investment, a company managed by GIC Special Investments. Ghosh said with this infusion the bank would have a capital of Rs 3200 crore and its capital adequacy ration will be 34%. This can sustain the growth of the bank for three to four years, he added. The bank has 523 branches at present and plans to add 105 more branches in the next 5 months as part of its expansion drive.

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