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Equitas Small Finance Bank reduces IPO size to Rs 280 crore


The bank started operations four years ago for micro and small enterprises

Chennai (Tamil Nadu) [India], Sep 26 (ANI): Equitas Small Finance Bank has reduced the size of its initial public offering (IPO) of shares to Rs 280 crore from the previous Rs 550 crore.
In the latest red herring prospectus filed before Securities and Exchange Board of India (SEBI), the parent company Equitas Holdings also revised the offer for sale, employee reservation portion and shareholders portion.
The number of equity shares offered through the offer for sale has been reduced to 7.2 crore equity shares compared to earlier 8 crore equity shares.
The employee reservation portion for eligible employees has been reduced to Rs 1 crore from Rs 5 crore. At the same time, Equitas Holdings shareholder reservation portion has been brought down to Rs 51 crore from the previous Rs 100 crore.
Equitas Small Finance Bank had filed the draft red herring prospectus with SEBI on December 16 last year and got the approval to launch IPO on March 3.
On March 18, it deferred the launch of IPO offering due to coronavirus-led weak market conditions. (ANI)

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