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ESAF Small Finance Bank gets Sebi nod for Rs 976 crore IPO

The IPO comprises a fresh issue worth Rs 800 crore and an OFS aggregating up to Rs 176.2 crore.

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Last Updated: Mar 26, 2020, 09.22 PM IST
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Sebi issued the final observations to the lenders proposal on March 20.
MUMBAI: Kerala-based ESAF Small Finance Bank has received regulatory nod to float its initial public offering (IPO).

Sebi issued the final observations to the lenders proposal on March 20, according to the information published on the capital markets regulators website.

The company had filed its Draft Red Herring Prospectus (DRHP) on January 6, 2020 with the markets regulator Securities and Exchange Board of India for an Rs 976 crore Initial Public Offering (IPO).

According to the DRHP, the IPO comprises a fresh issue worth Rs 800 crore and an offer for sale (OFS) aggregating up to Rs 176.2 crore.

The bank, in consultation with its book running lead managers (BRLMs) may consider a pre-IPO placement of up to Rs 300 crore. If it is undertaken, the amount raised will be reduced from the fresh issue, the DRHP states.

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-I capital (primarily loans/advances and investment portfolio) to meet future capital requirements.

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