India’s Bandhan Financial Services has received INR 16bn ($259.25m) in total equity investment from Singapore’s sovereign wealth fund GIC and existing investor IFC.
GIC is investing INR 10.2bn in the company while IFC will invest INR5.8bn.
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Details on how much stake GIC and IFC will hold in Bandhan after the latest round of investments has not been specified yet. IFC, part of the World Bank Group, currently owns 10.8% of Bandhan.
Bandhan CEO C.S. Ghosh said that the investment will be for the long term, and will be utilized to open 600 branches across India, put in place IT infrastructure and improve the human resource base in the bank.
The bank’s 600 branches will be spread across 27 states, though over 50% of the branches will be located in rural areas.
Bandhan was one of the two companies to secure banking licence from the central bank last year along with infrastructure finance company IDFC.
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By GlobalDataThe bank said that it would comprise a capital base of nearly INR 32bn following the latest investments.
