Small-sized private sector lender, RBL Bank on Friday said it has raised Rs 1,566 crore in fresh capital through a preferential allotment of shares to a group of investors led by Baring Private Equity Asia. After the fund-raise, the bank intends to invest in newer products like affordable housing loans to strengthen its presence In the semi-urban and rural markets, it's managing director and chief executive Vishwavir Ahuja said.

The bank had last month received the Reserve Bank of India's nod, allowing Baring to hold up to 9.99 percent of its capital. Baring Private Equity Asia (BPEA) through its vehicle Maple II BV invested Rs 999 crore to hold 9.44 percent of the Bank, an official statement said.

Other investors in the preferential allotment were ICICI Prudential Life Insurance Company, which invested Rs 330 crore, and existing investors Gaja Capital which invested Rs 150 crore, and CDC Group Plc with Rs 86 crore, the statement said. "The completion of the fundraise strengthens the Bank's balance sheet and at the same time it allows us to further accelerate our investments in enhancing our capabilities and delivery platforms, both in digital and physical infrastructure," Ahuja said.

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