Utkarsh Micro Finance Pvt. Ltd has raised Rs395 crore from domestic institutional investors in an effort to lower the foreign holding in the company below 49% and help the microlender in the transition to a small finance bank, said a senior executive.
Utkarsh is one of the 10 non-banking financial companies (NBFCs) that won a licence for a small finance bank.
The microlender raised Rs395 crore from institutional investors such as HDFC Standard Life Insurance Co. Ltd, HDFC Ergo General Insurance Co. Ltd, ICICI Prudential Life Insurance Co. Ltd, Shriram Life Insurance Co. Ltd, RBL Bank Ltd, Small Industries Development Bank of India and private equity funds Faering Capital and Arpwood Capital, said Govind Singh, managing director, Utkarsh Micro Finance.
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Source: Live Mint