As per the news published in the Financial Express, Suryoday Small Finance Bank has raised 64 cr from 6 different investors. The six investors were Gaja Capital, Kotak Life, Lok Capital, TIAA, and Kiran Vyapar.
The value at which this private placement is done not yet known. However, lately to comply with RBI regulation, the Suryoday Small Finance Bank has issued 50 Lakh shares in Feb-20, at price of Rs. 180 per share.
This fundraising has come at the very right time for the bank as the financial industry is struggling to cope up with the enormous destruction going on in the economy due to COVID-19.
Suryoday Small Finance Bank had earlier launched a working capital loan product for its microfinance institutions (MFI) customers to meet their urgent liquidity requirements during the Covid-19 lockdown. Under the scheme, customers can avail the working capital loan of Rs 5,000 at one go or in tranches, depending on their requirements. The product was crafted in such a way, that customers will pay interest only when he uses the money.
Suryoday Small Finance has an advance book of Rs.3208 Cr as on 31.12.2019. Currently, the share is available at Rs.260-270 in the Unlisted Market.