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Luthra, Khaitan AZB-lateral raise $160m for Ratnakar Bank

Luthra & Luthra has advised Kohlapar-based Ratnakar Bank in raising Rs 720 crore ($160m) of equity funding from institutional investors and a private equity (PE) consortium including US-based Cartica Capital, which drafted in Khaitan & Co.

Khaitan & Co partner Vaishali Sharma, who joined the firm from AZB & Partners last year, led the transaction for Cartica while Luthra & Luthra Mumbai-based managing associate Bikash Jhawar and associate Rohan Shah negotiated on behalf of the investee bank.

According to Khaitan & Co the transaction involved issuance of unsubscribed portion of a rights offering by the bank to various domestic and foreign investors.

VCCircle reported other consortium members to include Norwest Venture Partners, Beacon India Private Equity Fund, Faering Capital, Gaja Capital Partners etc besides HDFC.

Both law firms confirmed to Legally India that they had only interacted with each other and were not aware of any other law firms on the deal.

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