Samara, Norwest in $77m exit from India's RBL

According to market data, Samara sold 3.61 million shares at INR515 per share, while Norwest sold 6 million shares at INR515.04. At the time of the sale the stock was trading around INR530 per share; it later closed at INR531.85.

RBL Bank was founded in 1943 as Ratnakar Bank, and offers comprehensive banking services for businesses and customers across India. According to its most recent annual report, the bank had 239 branches and 375 ATMs across 20 states and territories in India as of March 2017, serving 2.8 million customers. Its revenue for the year ended March 2017 came to INR44.7 billion, up from INR32 billion the year before, while net profit rose over the same period from INR3 billion to INR4.5 billion.

The bank received several rounds of PE funding prior to its 2015 IPO, with AVCJ Research showing at least three rounds worth around $272 million from investors including Samara, Norwest, CDC Group, Baer Capital Partners, Gaja Capital and Capvent. Baer made a full exit in the IPO, which raised INR12 billion, while Gaja and Capvent made partial exits.

Since the IPO, RBL has received additional investments: last September CDC committed INR3.3 billion in the form of tier two debt capital, while earlier this year a group of investors including CDC, Multiples Alternative Asset Management, ICICI Lombard General Insurance and HDFC Standard Life Insurance invested INR16.8 billion.

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• Topics
• South Asia
• Financials
• Open market
• India
• Financial Services
• Samara Capital
• Norwest Venture Partners
• Exit