For a better experience, Read this story in our App
TO ENJOY ADDITIONAL BENEFITS
Connect With Us
Get BusinessLine apps on
The small finance bank will use part of the issue proceeds to augment the bank’s capital base, meet its future capital requirements, and fund its balance sheet. | Photo Credit: iStockphoto
The ₹463-crore Initial Public Offering (IPO) of the ESAF Small Finance Bank IPO will open for subscription on November 3. The issue will close on November 7.
The company has not yet fixed the price band for the issue. The share sale offer consists of a fresh issue of shares worth ₹390.7 crore by the company along with an Offer for Sale (OFS) component of ₹72.3 crore by three selling shareholders.
Promoter ESAF Financial Holdings will be selling shares worth ₹49.26 crore while PNB MetLife India Insurance Company and Bajaj Allianz Life Insurance Company will offload ₹23.04 crore worth of stocks through the OFS window. ESAF has reserved equity shares worth up to ₹12.5 crore for its employees.
The small finance bank will use part of the issue proceeds to augment the bank’s capital base and to meet its future capital requirements, and fund its balance sheet size, a release said.
ESAF has a network of 700 full-fledged branches, 767 customer service centres, 22 business correspondents, 2,116 banking agents, 525 business facilitators, and 559 ATMs spread across 21 States and two union territories.
Published on October 30, 2023
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.