RBL Bank Ltd. plans to raise up to 8.26 billion Indian rupees via an issuance of equity shares to five investors on a private placement basis.

The bank will issue up to 24,238,310 equity shares to Bajaj Finance Ltd., East Bridge Capital Master Fund I Ltd., FEG Mauritius FPI Ltd., lshana Capital Master Fund and WF Asian Reconnaissance Fund Ltd., according to a Nov. 30 filing with the BSE.

In addition, RBL Bank appointed Ranjana Agarwal to be an additional independent director, effective Nov. 30, for a term of five years. Agarwal is a board member of rating company ICRA Ltd. and a few other listed companies.

As of Nov. 29, US$1 was equivalent to 71.76 Indian rupees.