Equitas Small Finance Bank, a subsidiary of Equitas Holdings, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) to float an initial public offering, in a bid to raise Rs 1,000 crore.
The IPO will include a fresh issue cumulative up to Rs 550 crore and an offer for sale of up to eight crore equity shares by Equitas Holdings.
The offer comprises of a reservation of up to Rs 100 crore, for subscription by eligible shareholders of Equitas Holdings and a reservation cumilative up to Rs 5 crore for subscription by eligible employees, said the official release.
Equitas SFB has made a proposal to utilise the net proceeds from the offer towards expanding its Tier I capital base to catch-up the future capital requirements.
Equitas Small Finance Bank is the India’s largest SFB in terms of the number of banking outlets. It is India’s second-largest lender as per the assets under management and total deposits in fiscal 2019.
The lender provides a series of banking products and services to customers with an emphasis on serving the financially underserved customer segments in India.
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