Shares of RBL Bank rose over 4% after its board of directors on Monday approved raising funds of up to Rs 3,000 crore through the issuance of debt securities in a private placement. The shares were trading at Rs 102 at 12.30 pm, up 4.6% from the previous close on the BSE.

The bank said in a regulatory filing that from time to time, the board approved “the issuance of debt securities of up to Rs 3,000 crore through private placements, subject to approval by bank members at the bank’s annual general meeting”.

In addition, RBL Bank said it had sold a 17.78% stake in Kilburn Engineering between May 2022 and August 2022. In a separate filing, the bank informed the board that it had approved the appointment of two independent directors – Gopal Jain, managing partner and founder of Gaja Capital, and Sivakumar Gopalan of the IIT Bombay School of Computer Science and Engineering. RBL Bank is one of India’s leading private sector banks nationwide.

In its financial earnings report for the April-June period, RBL Bank posted a net profit of Rs 201 crore compared to a net loss of Rs 459 crore in the same period last year. Net interest income (NII) rose 6% to Rs 1,028 crore compared to Rs 970 crore a year earlier.