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Utkarsh Micro Finance is aiming to raise as much as Rs 500 crore by private sell of shares to institutions.
Ashwani Kumar, the vice-president of Utkarsh said that “We have appointed Avendus and ICICI Securities to manage the fundraising programme,” and added that “We are going to raise around Rs 500 crore through private placement.”
Utkarsh has received the Reserve Bank of India’s initial approval for setting up small finance banks to serve the under-served within the ambit of a stable regulatory framework.
