Equitas Small Finance Financial institution has obtained market regulator Sebi’s nod for its preliminary public provide (IPO).
The provide consists of a contemporary fairness value Rs 550 crore and a proposal on the market of eight crore fairness shares, in line with the draft crimson herring prospectus.
The commentary letter (indicating a go-ahead to the IPO) was issued on February 28, 2020, in line with an replace on the regulator’s web site.
Securities and Alternate Board of India’s (Sebi) observations are crucial for any firm to launch public points resembling preliminary public provide, follow-on public provide and rights problem.
The financial institution proposes to utilise the web proceeds from the provide in direction of augmenting its Tier I capital base to fulfill future capital necessities, as per the prospectus.
The fairness shares are proposed to be listed on BSE and NSE.
JM Monetary, Edelweiss Monetary Providers and IIFL Securities are managing the provide.