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ESAF bank files for ₹976-cr IPO

Our Bureau Chennai | Updated on January 07, 2020 Published on January 07, 2020

 

Kerala-based ESAF Small Finance Bank on Monday filed draft red herring prospectus with SEBI for ₹976-crore IPO. According to the DRHP, the IPO comprises a fresh issue worth ₹800 crore and an offer-for-sale aggregating up to ₹176.2 crore. The bank, in consultation with its book running lead managers (BRLMs) may consider a pre-IPO placement of up to ₹300 crore. If it is undertaken, the amount raised will be reduced from the fresh issue, the DRHP said. The BRLMs to the offer are Axis Capital, Edelweiss Financial Services, ICICI Securities and IIFL Securities. The net proceeds from the fresh issue will be used to augment the bank’s Tier 1 capital (primarily loans/advances and investment portfolio) to meet future capital requirements.

Published on January 07, 2020
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