Equitas Small Finance Bank raises Rs 550 crore from government of Singapore, others

Kolkata: Equitas Small Finance Bank has raised Rs 550 crore from the government of Singapore, Singapore's central bank and a host of local mutual funds in the qualified institutional placement of equities.

The government of Singapore invested about Rs 155 crore while the Monetary Authority of Singapore put in Rs 36 crore.

The balance Rs 359 crore was invested by mutual funds Nippon Life India Trustee, SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund and HDFC Trustee Company.

The bank sold the shares at Rs 53.59 apiece, which is at about a 5 per cent discount to the floor price of Rs 56.40. The price includes a premium of Rs 43.59 over the face value of Rs 10 per share. The stock was at Rs 53.45 on BSE at the end of Friday's session.

The share sale through qualified institutional placement (QIP) will reduce the promoters holding to 75 per cent and raise public shareholding to a minimum of 25 per cent, as stipulated by the market regulator Securities & Exchange Board of India.

The promoter of the bank – Equitas Holdings – holds 81.36 per cent while the balance 18.64 per cent lies with the public, according to the shareholding pattern at the end of December 2021.