Fincare Small Finance Bank Ltd, which filed papers in May, has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
Fincare Small Finance Bank intends to raise funds through an IPO through issue of shares of face value of Rs 10 each, comprising a fresh issue aggregating up to Rs 625 crore and an offer for sale aggregating up to Rs 17,000,000 Shares by the promoter and investor selling to shareholders.
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The underwriters for the IPO of Fincare Small Finance Bank are ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, SBI Capital Markets Limited and Ambit Private Limited.
Fincare Small Finance Bank said it plans to increase its Tier I capital base with the net proceeds of the new issue to meet its bank’s future capital requirements.
Fincare Business Services Limited can offer up to 1.49 Crore shares, Wagner can offer up to 4.7 Lakh shares, True North Fund V LLP can offer up to 4.4 Lakh shares, Indium IV (Mauritius) Holdings Limited can offer up to 4.3 Lakh Equity Shares and Omega TC Holdings PTE may offer up to 2.3 Lakh Equity Shares under the Share Offer.
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Fincare Small Finance Bank Ltd is a digital-first SFB with a focus on underserved and unbanked customer categories, particularly in rural and semi-urban areas.
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Fincare Small Finance Bank follows a business strategy that prioritizes financial inclusion and aims to provide people and businesses with access to low-cost financial products and services that meet their needs.
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Fincare Small Finance Bank aims to provide access to savings, loans and other financial products to the unbanked and underbanked, micro, small and medium enterprises (MSMEs) and unorganized businesses through the use of technology and last-mile distribution to improve. especially in rural areas.
Also Read: Fincare Small Finance Bank submits DRHP to SEBI for increase ₹625 Cr through IPO
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