April 10, 2014 / 8:41 AM / 3 years ago

India's Ratnakar Bank raises $55 mln from foreign investors

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MUMBAI, April 10 (Reuters) - 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)

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