Indian microfinance lender, Bandhan Bank Ltd has set the price range for its initial public offerings (IPO). The company expects to raise as much as Rs 44.73 billion from the sale of shares through IPO, reports from BloombergQuint.

Singapore sovereign fund GIC Pte backs the company for IPO offering. It plans to offer shares at Rs 370 to Rs 375 per piece. The bidding for the shares will open on March 15 and will close after four days.

Funds raised from the IPO will be used to strengthen the company's capital adequacy ratio. The Kolkata-based bank was started as a microfinance firm way back in 2001, and it was later converted to a bank in the year 2015 as RBI approved new licenses to tap the savings from the rural market and to improve access to credit.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Axis Bank Ltd., JM Financial Ltd. and Kotak Mahindra Bank Ltd. are acting as book-running lead managers for the IPO issue.