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Equitas Small Finance Bank sets QIP issue price at Rs 53.59 per share

Equitas Small Finance Bank (SFB) on Friday said it has fixed the price for its proposed QIP issue at Rs 53.59 per share.

Equitas SFB | QIP

Press Trust of India  |  New Delhi 

Equitas SFB

Equitas Small Finance Bank (SFB) on Friday said it has fixed the price for its proposed issue at Rs 53.59 per share.

The bank in October 2021 had said that it will raise up to Rs 1,000 crore through a qualified institutional placement (QIP) in order to fulfil the regulatory norms regarding minimum public shareholding.

The decision was taken by the merger committee of the board of directors at its meeting held on February 18, 2022, said in a regulatory filing.

The committee approved the closure of the issue period for the issue today, ie, February 18, 2022. The committee determined and approved the issue price of Rs 53.59 per equity share, which takes into account a discount of 4.98 per cent to the floor price of Rs 56.40 per equity share, it said.

Equitas Holdings Ltd had 81.36 per cent stake in as of December 31, 2021.

As per RBI guidelines for SFBs, if a promoter holds more than 40 per cent stake in the subsidiary, it should be brought down to 40 per cent within a period of five years from commencements of banking operations. Here, the applicable date is September 4, 2021.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, February 18 2022. 22:38 IST