MUMBAI, April 10 India's Ratnakar Bank Ltd
raised 3.28 billion rupees ($54.6 million) from a group of
investors including UK's CDC Group Plc and Asia Capital and
Advisors by selling an undisclosed minority stake, the regional
lender said on Thursday.
Existing investors, including International Finance
Corporation, an arm of the World Bank, and Indian private equity
fund Gaja Capital also made fresh investments, the bank said,
without disclosing how big the stake was.
The funds would be used to expand Ratnakar's branch network
in semi-urban and rural areas, the bank said in a statement.
($1 = 60.1150 Indian Rupees)
(Reporting by Indulal PM; Editing by Gopakumar Warrier)