Suryoday Small Finance Bank raises Rs 160 crore

Suryoday Small Finance Bank Limited has raised Rs 160 crore in the last one week from existing and new investors, including TVS Capital. The Bank also said it will list the new Bank in the next three years.The fund raising will support company’s investment plan in technology and increase its networks. Of this, fund raising of Rs 100 crore was through a rights issue.Suryoday Small Finance Bank managing director and CEO, R Baskar Babu said existing investors including Sarva Capital, HDFC, IFC, IDFC Bank and others have participated in the fund raising.The new investor which came on board today was TVS Capital which invested Rs 60 crore for five per cent stake.Babu added that the Reserve Bank of India (RBI) has given a special approval for a few investors to hold over five per cent in Suryoday Small Finance Bank.The investors include Sarva Capital (which will hold 9.5 per cent), International Finance Corporation (6.8%).Post the issue, while promoter group shareholding will increase to …