Equitas Small Finance Bank gains on raising Rs 550 cr via QIP issue

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Equitas Small Finance Bank rose 2.25% to Rs 54.65 after the company said it has raised Rs 550 crore in the qualified institutional placement of equities.

Equitas Small Finance Bank sold 10,26,31,087 equity shares to qualified institutional buyers at the issue price of Rs 53.59 each, aggregating to Rs 5,49,99,99,952. The qualified institutions placement (QIP) Issue opened on 14 February 2022 and closed on 18 February 2022.

The government of Singapore invested about Rs 155 crore while the Monetary Authority of Singapore put in Rs 36 crore. The balance Rs 359 crore was invested by Nippon Life India Trustee, SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund and HDFC Trustee Company.

The QIP will reduce the promoters holding to 75% and raise public shareholding to a minimum of 25%, as stipulated by the market regulator Securities & Exchange Board of India.

As on 31 December 2021, the promoter of the bank – Equitas Holdings – held 81.36%.

The small finance bank’s net profit fell 2.34% to Rs 108.11 crore on 2.30% increase in total income to Rs 1,035.01 crore in Q3 December 2021 over Q3 December 2020.

Equitas Small Finance Bank is one of the largest small finance banks in India. It offers a bouquet of products and services tailored to meet the needs of individuals, as well as affluent and mass affluent, Small & Medium Enterprises (SMEs) and corporates.

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