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After filing its preliminary papers in October, the small lender got SEBI’s observation on December 23, per an update on the regulator’s portal.

Markets regulator Securities and Exchanges Board of India (SEBI) has granted the go-ahead to small lender Suryoday Small Finance Bank to float its Initial Public Offering (IPO).

This  IPO comprises fresh issuance of 1,15,95,000 equity shares and an offer for sale of up to 84,66,796 equity scrips by existing shareholders, according to the draft papers filed with the regulator, PTI reported.

Those offering shares through the Offer for sale (OFS) route include International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius Ltd and Americorp Ventures.

After filing its preliminary papers in October, the small lender got SEBI’s observation on December 23, per an update on the regulator’s portal.

This observation from SEBI  is very necessary for any company to launch public issues like initial public offer, follow-on public offer and rights issue.

Suryoday Small Finance Bank has proposed to utilise the net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements.

The net worth of Suryoday Small  Finance Bank stood at around Rs 1,000 crore with a capital adequacy ratio of 30 percent. It has a deposit base of more than Rs 2,800 crore and a gross loan portfolio of around over Rs 3,700 crore. Axis Capital, ICICI Securities, SBI Capital Markets and IIFL Securities are the merchant bankers for the issue.– With inputs from PTI

Post Author: Stangrowth

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