New Delhi: Private sector lender RBL Bank Ltd has raised Rs330 crore (close to $50 million) from CDC Group Plc, a UK-based development finance institution, a press statement said. The bank had raised Rs1,211 crore in its initial public offering (IPO) in August.

The Tier-II capital is expected to help the lender strengthen its capital base to meet future requirements and comply with guidelines set by the Reserve Bank of India (RBI).

RBL had previously secured a Rs174 crore equity investment from CDC Group in March 2014 and Rs44.5 crore in October 2015.

“This infusion of funds is testimony to the trust that CDC Group has in our capability to deliver highly skilled and technology-driven services. It is also a reaffirmation of the close and long-term relationship we share with CDC," RBL Bank managing director and chief executive Vishwavir Ahuja said.

“This investment in long-term Tier-II debentures is being made on the back of the close relationship we have with RBL, the strong performance shown by the bank over the last couple of years, and the continued development impact we see from its ability to reach a large number of Indians hitherto excluded from financial services," said CDC managing director Holger Rothenbusch.

The bank’s IPO was subscribed almost 70 times, on heavy investor demand for the first private-sector bank to go public in a decade. Before RBL Bank, the last private-sector bank to float an IPO was Yes Bank Ltd in 2005.

One of its private equity investors, Beacon India Private Equity Fund, sold all its shares in the IPO. Gaja Capital and Capvent made partial exits.

Other investors of the company include Asian Development Bank (ADB), Housing Development Finance Corp. Ltd (HDFC), Norwest Venture Partners, Samara Capital, TVS Shriram, Cartica Capital, Ascent Capital, Aditya Birla Private Equity, IDFC’s Spice Fund and ICICI’s Emerging India Fund.

Recently, RBL Bank received approval from the National Payments Corporation of India (NPCI) to provide services under the Unified Payments Interface (UPI) platform, which allows customers to use their smartphones to transfer funds or make payments on the go. The bank is actively pushing UPI with its partners across industry verticals and customer segments.

RBL Bank has 201 branches and 373 ATMs across 16 states. Its shares are valued at 2.2 times price-to-book on historical value. As of 31 March, 2016, RBL Bank’s total business size is over Rs45,000 crore and it employs close to 3,900 people.

In 2015-16, RBL Bank reported a revenue of Rs3,234.85 crore, up from Rs2,356.49 crore a year earlier, and a profit of Rs296.8 crore, up from Rs208.45 crore a year earlier.