Equitas Holdings debuted at the exchanges at Rs 146.53 per share, up 33 percent from issue price of Rs 110. The IPO was opened from April 5-7, at a price band of Rs 109-110 per share. Subscribed over 17 times, the company's IPO raised about Rs 2,200 crore. The offer comprised fresh issue of shares aggregating Rs 720 crore and an offer for sale of up to 1,32,425,884 shares by existing shareholders, including P N Vasudevan, MD, and private equity stakeholders. The company has already mopped up Rs 652 crore from anchor investors.
Chennai-based Equitas Holdings is one of the 10 entities that received in-principle approval from the RBI in September 2015 to set up a small finance bank. Foreign shareholding in small finance banks would be as per the foreign direct investment policy for private sector banks, according to the RBI guidelines for the sector. Equitas Holdings Ltd provides credit to small business units, small and marginal farmers, micro and small industries and other unorganised sector entities, through high technology and low cost operations.
Source:MoneyControl
