The Rs 463-crore of Kerala-based ESAF Small Finance Bank opens for public subscription today at a price band of Rs 57-60. The issue will close on Tuesday (November 7).
The public issue comprises a fresh issue of Rs 390.7 crore worth shares and an offer-for-sale of Rs 72.3 crore shares by ESAF Financial Holding, PNB Metlife India Insurance Company and Bajaj Allianz Life Insurance Company. The offer has also reserved Rs 12.5 crore worth of shares for its employees. They will get a discount of Rs 5 each on the final issue price.
Investors can bid for a minimum of 250 equity shares. The retail quota is 35%, QIB is 50%, and HNI is 15%.
ESAF Small Finance Bank has raised Rs 135.15 crore from anchor investors on Thursday, ahead of its public issue opening. it has finalised allocation of 2,25,24,998 shares to 11 anchor investors at Rs 60 a share. The anchor investors are ACM Global Fund VCC, Founders Collective Fund, Ananta Capital Ventures Fund, Astorne Capital VCC, BNP Paribas Arbitrage, Copthall Mauritius Investment, Alchemie Ventures Fund, Kotak Mahindra Life Insurance Company, Edelweiss Tokio Life Insurance Company, ICICI Prudential Life Insurance and SBI General Insurance.
The net fresh issue proceeds will be utilised for augmenting the bank’s Tier – I capital base to meet the future capital requirements and for increasing business, which is primarily onward lending.
The book-running lead managers to the issue are ICICI Securities, Dam Capital Advisors and Nuvama Wealth Management while Link Intime India is the registrar.
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