Utkarsh Small Finance Bank raises Rs240 cr ahead of IPO


NEW DELHI : Utkarsh Small Finance Bank on Monday said it has raised a little over ?240 crore through a private placement of equity shares ahead of its initial share-sale.

Pursuant to an agreement in February, the bank has concluded a private placement of its equity shares and raised ?240.47 crore by allotting 89,061,647 equity shares at ?27 per equity share to six investors, the lender said in a statement.

The six investors are — Olympus ACF Pte Ltd, Ability Participations Mauritius; Aavishkaar Bharat Fund, Growth Catalyst Partners LLC, Triodos Sicav II – Triodos Microfinance Fund, Triodos Funds BV (in its capacity as the legal owner of Triodos Fair Share Fund), it added.

Kotak Mahindra Capital Company acted as financial advisor to the bank for the private placement round.

Earlier this month, Utkarsh Small Finance Bank filed preliminary papers with capital markets regulator Sebi to raise ?1,350 crore through an initial share-sale.

The initial public offer (IPO) comprises a fresh issue of equity shares worth ?750 crore and an offer of sale to the tune of ?600 crore by promoter Utkarsh Coreinvest Ltd, according to draft red herring prospectus (DRHP).

Additionally, Varanasi headquartered lender may undertake a pre-IPO placement of up to ?250 crore in consultation with the lead managers to the offer.

Proceeds from the fresh issue would be utilised to augment the tier-1 capital base to meet future capital requirements.

News Source:- Livemint

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