Capital Small Finance Bank, Krystal Integrated Services get Sebi's nod to float IPOs
Capital Small Finance Bank, Krystal Integrated Services and Vibhor Steel Tubes — have received Sebi's go-ahead to raise funds through Initial Public Offerings (IPOs). All three firms, which filed their preliminary IPO papers with the capital markets regulator in October 2023, obtained their observation letters during January 8-12, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
In Sebi's parlance, obtaining its observation letter means its approval to float the public issue.
According to the draft papers, Capital Small Finance Bank's IPO comprises a fresh issue of equity shares aggregating up to Rs 450 crore and an Offer For Sale (OFS) of up to 24.12 lakh equity shares by existing investors.
Those selling shares in the OFS include — Oman India Joint Investment Fund II, PI Ventures LLP, Amicus Capital Private Equity I LLP and Amicus Capital Partners India Fund I.
Proceeds from the fresh issue will be used towards augmenting the bank's Tier-I capital base to meet future capital requirements.
Besides, the funds will be used towards meeting the expenses in relation to the offer.
Capital Small Finance Bank is among the leading small finance banks (SFBs) in India in terms of cost of funds, retail deposits and CASA deposits for fiscal 2023.
Krystal Integrated Services' IPO consists of a fresh issuance of equity shares worth Rs 175 crore and an OFS of 17.5 lakh shares by promoter Krystal Family Holdings Pvt Ltd, as per the draft papers.
