Jana Small Finance Bank To Raise ₹728 Crore Via Preferential Warrant Issue, Approves ₹500 Crore NCD Plan

Mumbai: Jana Small Finance Bank on Sunday approved a preferential issue of 1.56 crore warrants to six investors to raise nearly Rs 728.5 crore, subject to shareholder and regulatory approvals. The fundraising will be carried out through private placement and the warrants will be convertible into equity shares within 18 months from allotment.

The largest allocation has been proposed for Singapore-based GWC Family Fund Investments Pte. Ltd., which may acquire up to 68.29 lakh warrants, translating into a 5.64 percent stake on a fully diluted basis. Other investors include Singularity Large Value Fund III, ICM Finance Private Limited, 2I Capital PCC, Capri Global Ventures Private Limited and Utpal Hemendra Sheth.

Warrants Priced At Rs 464.82 Each

The bank said each warrant has been priced at Rs 464.82 and will carry the right to subscribe to one equity share of face value Rs 10. The total issue size stands at around Rs 728.5 crore. Investors will pay 25 percent of the subscription amount upfront, while the remaining 75 percent will be payable at the time of conversion into equity shares.

Among the investors, 2I Capital PCC will receive 55.25 lakh warrants amounting to around Rs 256.8 crore, while Singularity Large Value Fund III, ICM Finance and Capri Global Ventures will each receive over 10.20 lakh warrants.

The bank clarified that none of the investors are promoters and all will be classified as public shareholders after the preferential issue. It also stated that no investor will receive special rights such as board nomination rights, veto powers or additional voting privileges.

AoA Amendment And Debt Fundraising

The board also approved amendments to the Articles of Association to allow the bank to issue warrants and other convertible securities. The proposal will be placed before shareholders through a special resolution at an Extraordinary General Meeting scheduled on June 11, 2026.

In addition, Jana Small Finance Bank approved plans to raise up to Rs 500 crore through listed unsecured subordinated non-convertible debentures on a private placement basis. The proposed NCDs will qualify as Lower Tier II Capital under Basel II norms and are proposed to be listed on BSE.

Disclaimer: This article is based solely on the company’s stock exchange filing dated May 18, 2026.