Kerala-based ESAF Small Finance Bank is planning to go public by listing its shares in line with the Reserve Bank of India’s requirement. The bank is planning to support the country during the COVID-19 crisis with the money raised.
Currently, promoters and promoter collectively hold 77.94 percent stake in the bank, which began its operation in March 2017. Moreover, SIDBI Trustee Company Ltd-A/C Samridhi Fund holds 12.24 percent stake in the bank.
K Paul Thomas, Managing Director, ESAF Small Finance Bank said, “We have got the approval from Sebi for the initial public offering only in March. We have time till March 2021 and we hope that things will be normal by that time.”
Thomas acquires 7.29 percent stake in the bank in his individual capacity.
Thomas said, “We are not only providing banking service but engaging to support underprivileged especially stranded migrant workers in meeting daily needs under the corporate social responsibility initiative.