India, Dec. 6 -- RBL Bank on Friday said it has raised Rs 2,025.27 crore from institutional investors through a qualified institutional placement offering (QIP) and will utilise the proceeds to fund business growth.
In a statement RBL Bank said "it has successfully concluded the QIP of Rs 2,025 crore at an issue price of Rs 351 per share (including premium of Rs 341) pursuant to the allotment of 5.77 crore equity shares."
QIP is a tool used by listed companies to sell shares, debentures, or any other security, other than warrants that are convertible into stocks, to qualified institutional buyers such as mutual funds and foreign institutions.
"This capital infusion significantly enhances our capital adequacy, and positions us well to cap...