TVS Venu Group may be looking to acquire a 9.99% stake in Bengaluru-based Jana Small Finance Bank with an infusion of Rs 450-500 crore, according to sources familiar with the development.

Jana SFB said on Thursday its board will on Monday consider fund-raising options, including the issuance of equity shares, convertible bonds, warrants, debentures and other securities through routes such as a qualified institutional placement, preferential allotment, rights issue or further public offer.

An email sent to a TVS Group representative did not elicit a response till press time. Shares of Jana SFB closed nearly 3% higher on the NSE at ₹502.80.

The proposed 9.9% stake is in line with RBI norms which cap shareholding by non-financial corporate entities in banks at 10%.

The investment marks TVS Venu Group’s growing bet in the financial services space. Last month, the group announced the acquisition of Prudential Financial Inc’s stake in its Indian asset management joint venture with over ₹30,000 crore in assets as of December 31, 2025. TVS Credit, the NBFC from TVS group, reported ₹30,639 crore of AUM as of March 2026, registering a 15% Y-o-Y growth. The NBFC reported a 19% Y-o-Y growth in its net profit at ₹913 crore for FY26.

As per Jana SFB’s latest shareholding pattern, promoters hold a 21.85% stake through Jana Holdings, Jana Capital and Jana Urban Foundation. Other key investors include TPG Asia (8.11%), Morgan Stanley-backed North Haven PE Asia Platinum (3.18%), and HarbourVest Partners Co-Investment Fund IV (2.38%).

Jana Small Finance Bank reported a capital to risk-weighted assets ratio (CRAR) of 19.4% in FY26, well above the RBI-mandated minimum of 15% for small finance banks. The proposed fundraise indicates the bank’s plans to further strengthen its balance sheet.