ESAF Small Finance Bank Ltd. raised 4.64 billion Indian rupees via an issuance of shares on a private placement basis, The Hindu Business Line reported Oct. 11.

Through the issuance, PNB MetLife India Insurance Co. Ltd. and ESAF Multi-State Co-operative have each taken stakes of 4.99% in the bank, while Bajaj Allianz Life Insurance Co. Ltd. and ICICI Lombard General Insurance Co. Ltd. have taken stakes of 4.08% and 1.45%, respectively.

Seven other investors also secured stakes in ESAF Small Finance Bank through the private placement.

The additional capital from the issuance raised the bank's net worth to 8.07 billion rupees.

The proceeds from the issuance will be used for general corporate purposes, capital management and future growth, said K. Paul Thomas, managing director and CEO of the bank.

ICICI Securities acted as adviser for the private placement.

As of Oct. 11, US$1 was equivalent to 73.92 Indian rupees.