Suryoday Small Finance Bank Ltd has raised ₹62.14 crore in equity funding through a private placement offer from five of its existing investors including Gaja Capital, private insurer Kotak Mahindra Life Insurance Co. Ltd, said a senior official at the scheduled commercial bank in an exclusive interaction. “Maintaining our capital adequacy is one of the key focus areas amid the ongoing crisis period. The latest capital raise would help us maintain that closer to 30%, while strengthening our balance sheet further. Beyond this, we have raised funds as a mark of confidence that our existing investors have on us,” R. Baskar Babu, managing director and chief executive officer of Suryoday Small Finance Bank told.

(Live Mint)