Suryoday Small Finance Bank to raise Rs 200 cr by March end

Suryoday Small Finance Bank (SSFB) aims to raise Rs 200 crore by the end of the next month from the existing and new investors. SSFB, which started its banking operations in 2017, has large presence in three states including Maharashtra. "In order to give push to expansion plan, the bank is looking to raise capital between Rs 175 crore and Rs 200 crore in the next few weeks," SSFB Chief Executive Officer R Baskar Babu told PTI. The fund would be raised through share sale on a private placement basis to the existing and new investors, he said, adding that the promoters' stake in the bank will come down to about 27 per cent from the current 29.5 per cent with this round of capital raising.