Equitas SFB revises offer size for proposed initial public offering

Equitas Holdings said on Friday that its subsidiary Equitas Small Finance Bank had filed, with the Securities and Exchange Board of India (Sebi), an addendum to its draft red herring prospectus (DRHP) revising its offer size for the proposed Initial Public Offering (IPO).

The size of the fresh issue has been reduced from Rs 550 crore to Rs 280 crore. The number of equity shares offered through the Offer for Sale (OFS) by the company, has been reduced from 80 million to 72 million.

The Employee Reservation Portion for eligible employees has been reduced from Rs 5 crore to Rs 1 crore and the Shareholder Reservation Portion for eligible EHL shareholders has been reduced from Rs 100 crore to Rs 51 crore.

Equitas Small Finance Bank had received the Sebi's approval for the IPO on March 3.

The DRHP for IPO was filed by the company in December last year. At the time, the bank said that the issue comprise a fresh issue of Rs 550 crore and an OFS of 80 million shares by parent firm Equitas Holdings.