Money & Banking

Equitas Small Finance Bank finalises allocation of 4-crore equity shares to anchor investors

Our Bureau Mumbai | Updated on November 02, 2020

The Listing Committee of the Board of Directors of Equitas Small Finance Bank (ESFB) has finalised the allocation of about 4.23 crore equity shares to 35 anchor investors at the price of ₹33 per equity share (including a premium of ₹23 per equity share), aggregating ₹139.68 crore.

The large anchor investors include ICICI Prudential Life Insurance Company; ITPL-Invesco India Contra Fund Reg-RCF; SBI Life Insurance Company; Franklin India Smaller Companies Fund; Mirae Asset Large Cap Fund; IIFL Special Opportunities Fund-Series 4. These investors invested 8.95 per cent each in the anchor investor portion.

The other large investors include ICICI Prudential Banking and Financial Services Fund (7.46 per cent); HDFC Life Insurance Company (6.60 per cent); BNP Paribas Arbitrage - ODI (5.50 per cent); TT Asia-Pacific Equity Fund (5.36 per cent).

The bank, in a regulatory filing, said out of the total allocation of about 4.23 crore equity shares to the anchor investors, about 2.15 crore equity shares (50.83 per cent of the total allocation to anchor investors) were allocated to six domestic mutual funds through a total of 27 schemes.

As per the filing, the finalisation of the allocation of the 4.23 crore equity shares to anchor investors was done by the Listing Committee of the Board of Directors of ESFB in consultation with the Promoter Selling Shareholder (Equitas Holdings Ltd) and JM Financial Ltd, Edelweiss Financial Services Ltd and IIFL Securities Ltd (Book Running Lead Managers).

ESFB’s initial public offer opened for subscription on Tuesday and will close on October 22, 2020. The IPO price band has been fixed at ₹32-33 per equity share of face value of ₹10 each.

ALSO READ: Should you invest in Equitas Small Finance Bank IPO?

The Chennai-headquartered Bank’s IPO comprises fresh issue of equity shares aggregating up to ₹280 crore and offer for sale (by the promoter EHL) up to 7.20 crore equity shares (for ₹230.40 crore- 237.60 crore).

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Published on October 20, 2020

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