ESAF Small Finance Bank on Monday has raised Rs 162 crore as equity through preferential allotment of shares. As per the release, a total of Rs 2.18 crore shares were allotted preferentially to certain HNI (high networth individual) investors, including some existing investors, leading to a dilution of around 5 per cent at Rs 75 per share. The shares were priced at 2.64 times pre-issue, and 2.45 times post issue, of its book value as of September 30, 2020. Bank’s managing director and CEO K Paul Thomas said that the additional capital raised will strengthen the capital adequacy by about 250 basis points and will support the ambitious growth plan set for FY 22.
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Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).