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Equitas Small Finance Bank to raise 1,000 crore

According to a study by Global Financial Integrity, an estimated $770 billion in black money entered India during 2005-2014, and nearly $165 billion in illicit money exited the country during the same period. Photo: MintPremium
According to a study by Global Financial Integrity, an estimated $770 billion in black money entered India during 2005-2014, and nearly $165 billion in illicit money exited the country during the same period. Photo: Mint

  • The board of directors in the meeting today has approved meeting the minimum public shareholding (MPS) requirements stipulated by Sebi by raising a sum not exceeding 1,000 crore (including premium) through QIP, Equitas SFB said

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Equitas Small Finance Bank (SFB) will raise up to 1,000 crore through a Qualified Institutions Placement (QIP) in order to fulfil the regulatory norms regarding minimum public shareholding, it said on Monday. 

Equitas SFB said in a regulatory filing, “The board of directors in the meeting today has approved meeting the minimum public shareholding (MPS) requirements stipulated by Sebi by raising a sum not exceeding 1,000 crore (including premium) through QIP. "

The process will be in accordance with Chapter VI of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 which includes obtaining approval of shareholders through Postal Ballot/e-voting, it added. 

As per the Sebi norms under Issue of Capital and Disclosure Requirements (ICDR), the SFB is also required to obtain shareholders' approval for meeting the MPS requirement. 

As per data on BSE, the promoter and promoter group have 81.75 per cent stake in Equitas SFB as on June 30, 2021. While the remaining 18.25 per cent is public shareholding.

 

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