Indian bank Ratnakar eyes $250m IPO

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Central Train TerminusIndian banking group Ratnakar is reportedly looking to raise $250m via a share sale.

Ratnakar plans to launch its IPO in the first quarter of 2015 and will pick at least four advisors this week, said Reuters, citing sources involved in the process.

The bank will issue new shares and its private equity backers including Norwest Venture, Beacon Private Equity, Samara Capital, IDFC Private Equity and Aditya Birla Private Equity are expected to reduce their stakes.

Ratnakar’s shareholders also include International Finance Corp and UK development finance investor CDC Group, which backed the bank with a $28m investment in April this year.

One third of the bank’s loans are made to farmers, small businesses and low-income consumers.

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