ESAF Small Finance Bank Gets Sebi Approval For Rs. 976 Cr IPO

On Thursday, Thrissur-based ESAF Small Finance Bank said it has got approval from the market regulator SEBI for its public issue worth Rs. 976 crore. As per the draft red herring prospectus, the issue includes a fresh issue of Rs. 800 crore and an offer for sale (OFS) totalling up to Rs. 176.2 crore.

ESAF Small Finance Bank Gets Sebi Approval For Rs. 976 Cr IPO

The proceeds from the issue will be put to increase the tier I capital base of the lender for meeting future capital needs.

Of the total issue, 75% is reserved for allocation by qualified institutional buyers or QIBs, 15% for non-institutional bidders and the remaining 10% for retail investors.

As on September 30, 2019, the bank's loan book outside Kerala has increased to Rs. 2540 crore, while the total gross advance was at Rs 5,474 crore.

The bank serves more than 37.3 lakh customers in 16 states and one UT via a network of 403 branches and 38 ultra small branches.

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