Utkarsh Small Finance Bank IPO News: SEBI Approves Utkarsh Small Finance Bank IPO Application
Utkarsh Small Finance Bank has received market regulator Securities and Exchange Board of India’s (SEBI) approval for an initial public offer of Rs 1350 crore.The IPO consists of fresh issue of shares to raise up to Rs 750 crore and an offer for sale of up to Rs 600 crore by the existing shareholder Utkarsh Coreinvest Ltd.
The IPO consists of a new issue of up to ₹750 crore and an offer for sale of up to ₹600 crore by Utkarsh Coreinvest. Following the IPO, the company intends to list the shares both on BSE and NSE. ICICI Securities, IIFL Securities and Kotak Mahindra Capital Company are the book-running lead managers to the issue. The firm will use the net proceeds to augment its Tier-I capital base and meet future capital requirements arising from growth in its assets (loans and advances).
The Varanasi-headquartered company had incorporated its Small Finance Bank in 2016 and commenced operations in 2017. As of September 30, 2020, it had served 2.74 million customers, majorly located in rural and semi-urban areas of Bihar, Uttar Pradesh and Jharkhand, reports The Hindu BusinessLine
