Equitas says considering new scheme of arrangement; seeks RBI's approval

This scheme of arrangement is subject to approval from the Sebi, RBI, NCLT, shareholders and the creditors

Equitas Holdings — the promoter of Equitas Small Finance Bank (SFB) — on Saturday said it was considering a new scheme of arrangement and has sought the Reserve Bank of India’s (RBI’s) approval. This comes a day after the RBI refused to extend the SFB’s listing deadline.

“In case the scheme of arrangement does not get approved, Equitas SFB would be taking immediate steps for an IPO (initial public offering) and get its shares listed as soon as possible,” said Equitas Holdings. The company said it had earlier approached the RBI with a reverse merger proposal — as Equitas Holdings is