Equitas Small Finance Bank files red herring prospectus for Rs 280 crore IPO

Equitas Holdings on Wednesday said its subsidiary Equitas Small Finance Bank has filed red herring prospectus (RHP) with the Registrar of Companies for initial public offer to raise Rs 280 crore.

On October 11, 2020, ESFB had filed the RHP with the RoC Chennai in connection with the proposed initial public offering of equity shares for an amount of Rs 2,800 million, Equitas Holdings (EHL) said in a regulatory filing.

The RHP has been taken on record by the RoC on October 13, 2020, it added.

As per the proposed offer, Equitas Small Finance Bank (ESFB) will raise fresh capital up to Rs 2,800 million, where the promoter EHL will sell up to 7,20,00,000 equity shares, it said.

The offer period for anchor investor is one day prior to the bid opening date i.e. October 19, 2020.

The bid/offer opening date is October 20, while the closing is set for October 22. The expected date of the listing has been fixed for November 2, 2020.

Equity shares aggregating up to Rs 51 crore (Rs 510 million) will be available for allocation on a proportionate basis to eligible EHL shareholders, the company said.

The eligible shareholders mean those individuals and HUFs who are the public equity shareholders of EHL (excluding such persons who are not eligible to invest in the offer under applicable laws or are otherwise unable to make any such investment) as on the date of the red herring prospectus i.e. October 11, 2020, the filing said.