ESAF SFB IPO subscribed 1.74 times; Upstox settles matter with Sebi

Sebi had issued a showcause notice to the stockbroker in January 2022 for alleged violations of the cyber security and cyber resilience framework

ESAF SFB IPO subscribed 1.74 times on Day 1
 

ESAF Small Finance Bank’s initial public offering (IPO) was subscribed 1.74 times on Friday, the opening day of the issue. The institutional investor portion was covered 90 per cent, while high-networth inv­estor and retail portions were subscribed 2.44 and 2 times, respectively. A day earlier ESAF had all­o­tted shares worth Rs 135 crore to anchor investors. ESAF SFB’s Rs 460-crore IPO consists of fresh fund raise to the tune of Rs 390 crore, while the remaining is second share sale by PNB MetLife and Bajaj Alli­anz. The price band for the IPO is Rs 57-60 per share. ESAF SFB’s market cap at the top-end of the price band works out to be Rs 3,080 crore on a post dilution basis. The bank will use the IPO proceeds to meet future capital requirements and augment the Tier-1 capital base. ESAF SFB’s focuses on lending to the unbanked and underbanked customer segme­nts, especially in rural and semi-urban centres. BS Reporter

Upstox settles matter for Rs 1.13 cr with Sebi
 

RKSV Securities, parent firm of leading online broker Upstox, has settled a pending matter with the Securities and Exchange Board of India (Sebi) after agreeing to pay Rs 1.13 crore. The market regulator had issued a showcause notice to the stockbroker in January 2022 for alleged violations of the cyber security and cyber resilience framework. Sebi said that it had found several violations of the framework issued in 2018. In June last year, RKSV made a presentation to the high-powered steering committee on cyber security (HPSC-CS) on its policies and submitted responses on the queries in August. “Based on the submissions, HPCS-CS, on May 15, 2023, has recommended to conclude the incident,” said Sebi. BS Reporter