Bank, a Kerala-based lender with a focus on unbanked and under-banked customer segments, has filed papers with the capital market regulator Securities & Exchange Board of India (Sebi) to raise ₹629 crore through an initial public offering. The bank has scaled down its IPO size by about a third from what was planned before the Covid-19 pandemic.
This is the third time it is seeking Sebi's approval for an IPO. Initially, it had received Sebi approval in March 2020 — just before the pandemic struck — to raise ₹976 crore including ₹800 crore through a primary issuance.
It filed the IPO papers for the second time in July 2021 with a similar size in mind and got the approval in October of the same year. Both times, the approval lapsed for not exercising it within a year.
The present IPO will include a fresh issue of up to ₹487 crore and an offer for sale of up to ₹142 crore. The bank's promoter — ESAF Financial Holdings may sell equity shares worth ₹119.26.
Among other investors, PNB MetLife India Insurance Company is looking to sell shares valued at up to ₹12.67 crore and Bajaj Allianz Life Insurance up to ₹10.37 crore. ESAF Financial Holdings owns a 62.46% stake in the bank, while PNB MetLife and Bajaj Allianz Life hold 4.75% and 3.89%, respectively.
. Read more on economictimes.indiatimes.com