ESAF Small Finance Bank files Rs 998-crore IPO papers with Sebi

ESAF Small Finance Bank has filed preliminary papers with capital markets regulator Sebi to raise Rs 998 crore through an initial public offer (IPO). The Rs 997.78-crore public issue comprises fresh issue of equity shares worth Rs 800 crore and an offer for sale of Rs 197.78 crore by existing selling shareholders, the draft red herring prospectus (DRHP) filed with Sebi showed. Under the offer for sale, promoter will be selling shares worth Rs 150 crore, PNB MetLife would be offloading shares to the tune of Rs 21.33 crore, Bajaj Allianz Life will offer shares of Rs 17.46 crore, PI Ventures will sell Rs 8.73 crore worth shares and John Chakola will offer shares worth Rs 26 lakh. The bank may consider a pre-IPO placement of equity shares for an aggregate amount up to Rs 300 crore. If the pre-IPO placement is undertaken, the amount raised from such placement will be reduced from the fresh issue. Proceeds from the fresh issue will be used to augment the bank's Tier I capital base to me

from Markets https://ift.tt/3iVJLmh