Equitas Small Finance Bank IPO To Open On Tuesday9Photo© dnaindia.com

Equitas Small Finance Bank IPO To Open On Tuesday

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Equitas Small Finance Bank's Rs 517.6 crore initial public offer (IPO) will opens for bidding on Tuesday i.e. October 20. The IPO will remain open for three days, from October 20 till October 22. The public offering comprises fresh issue of 8.5 crore shares and offer for sale of 7.2 crore shares by Equitas Holdings Limited, the holding company of Equitas Small Finance Bank. Post the IPO, the stake of Equitas Holdings Limited will decline to about 82 per cent. The shares are likely to be listed on the benchmark indices on November 2, 2020.

Equitas Small Finance Bank has fixed the issue price in the price band of Rs 32-Rs 33 per share. Applicants can bid for a minimum one lot of 450 equity shares and in multiples of 450 equity shares, extending up to 13 lots.

Equitas Small Finance Bank will use the IPO proceeds to augment its Tier I capital base to meet future capital requirements.