Faering Capital - Press
Summary
As published in The Times of India on February 11, 2011:Kolhapur-based Ratnakar Bank has raised Rs 720 crore by selling shares to institutional investors at Rs 67 per share. Besides raising the capital, the bank under its new leadership has brought in a whole new team. The senior executives, who have come on board, include Rajeev Ahuja, former head of fixed income capital market and sales at Citibank, Nitin Chopra, former CEO of Bharti Axa Life Insurance, Sunil Gulati, former group president, corporate & institutional banking, Yes Bank, Suhas Sahakari, former head of SME at Axis Bank, Shanta Vallury, former head, liabilities distribution, ICICI Bank, and Naresh Karia, former country controller, Citibank. "We will begin expanding our branches only after we have put in place the new core banking solution platform," said Ahuja.He said the process was expected to take a year. The Centrum group had picked up a large chunk of shares in the widely held bank and had emerged the single largest shareholder.