Private sector lender RBL Bank Ltd has said that it will raise Rs 1,566 crore through a preferential allotment of shares to a group of investors led by Baring Private Equity Asia, with the bank looks to beef up its balance sheet following a 50 per cent fall in June quarter profit as provisions for doubtful loans doubled. According to the bank’s exchange filings, Baring PE Asia owned entity Maple II B.V, will pick up a 9.45 per cent stake in the bank for an investment of almost Rs 1,000 crore.

Other investors participating in the round include ICICI Prudential Life Insurance Co Ltd, which will pick up a 3.13 per cent stake with an investment of Rs 330.5 crore and private equity firm Gaja Capital, which is investing Rs 150 crore for a 1.42 per cent stake. UK’s development finance institution CDC Group is also investing Rs 86.5 crore in this round. CDC already holds a 5.5 per cent stake in the bank.