Equitas Small Finance Bank has raised Rs 139.68 crore from anchor investors ahead of its initial public offer.
The Chennai-based bank on Tuesday said that 35 anchor investors, including mutual funds and insurance companies, have participated in the pre IPO allocation of 4.23 crore equity shares at an upper band of Rs 33 per share.
ICICI Prudential Life Insurance, ITPL-Invesco India Contra Fund, SBI Life Insurance, Franklin India Smaller Companies Fund, Mirae Asset Large Cap Fund and IIFL Special Opportunities Fund are among the lead investors, picking up a 8.95 per cent stake each.
HDFC Life Insurance, Nippon India and Sundaram Mutual Fund are among the other investors. The bank plans to raise a little over Rs 500 crore from the public offer that closes on October 22.
The offer includes a fresh issue of Rs 280 crore and an offer of sale up to 7.2 crore equity shares by Equitas Holdings Limited, its parent company.
The holding company of the bank is looking to marginally dilute its stake to around 82 per cent from 95.49 per cent.
But the bank would have to bring it down to 40 per cent to comply with the Reserve Bank of India’s licensing requirement. It is exploring options such as acquisition and bulk sale for compliance.
Jana expansion
Bangalore-based Jana Small Finance Bank on Tuesday said that it has opened its 500th branch at Bangalore. The microfinance-turned-small-finance-bank is planning to expand to 600 branches by March 2021.