Utkarsh Small Finance Bank, which is planning an IPO, announced on Monday that it has completed a Rs 240.47 crore private placement with six investors.

The Varanasi-based SFB recently filed a draught red herring prospectus with Sebi on March 4 in order to raise up to Rs 1,350 crore through an initial public offering, which would include a fresh issue of up to Rs 750 crore and an offer for sale of up to Rs 600 crore by its promoter, Utkarsh CoreInvest Limited.

The bank has completed a private placement of 89,061,647 shares at Rs 27 per equity share in accordance with the investment agreement dated February 10.

Olympus ACF received 37,037,037 equity shares, responsibility Participations Mauritius received 13,444,444 equity shares, Aavishkaar Bharat Fund received 12,962,962 equity shares, and Triodos Sicav II - Triodos Microfinance Fund, Legal Owner Triodos Funds BV received 8,539,068 equity shares.