 "ESAF Small Finance Bank reduces the size of its IPO to Rs 629 crore")
ESAF Small Finance Bank has refiled draft papers with the Securities and Exchange Board of India (Sebi) on Monday. It has reduced the size of the initial public offering (IPO) to Rs. 629 crore.
The IPO now includes an issue of fresh equity shares amounting to Rs. 486.74 crore and an offer for sale (OFS) of Rs. 142.3 crore.
The bank had previously filed for the IPO in October 2021 for an issue size of Rs. 998 crore comprising Rs. 800 crore from primary issuance and Rs. 198 crore from OFS.
At present, ESAF Financial Holdings owns a 62.46 per cent stake in the small finance bank, while PNB MetLife and Bajaj Allianz Life hold 4.75 per cent and 3.89 per cent, respectively.
The bank may consider a further issue of equity shares (pre-IPO placement) by a private placement of Rs. 97.33 crore. If such placement is completed, the fresh issue size will be reduced, it said. As per the DRHP, the proceeds from the fresh issue will be used towards augmenting the bank’s tier – I capital base to meet its future capital requirements.
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