Equitas Small Finance Bank (SFB) on Monday said it will raise up to Rs 1,000 crore through a QIP in order to fulfil the regulatory norms regarding minimum public shareholding.
''The board of directors in the meeting today has approved meeting the minimum public shareholding (MPS) requirements stipulated by Sebi by raising a sum not exceeding Rs 1,000 crore (including premium) through Qualified Institutions Placement (QIP),'' Equitas SFB said in a regulatory filing.
As per the Sebi norms under Issue of Capital and Disclosure Requirements (ICDR), the SFB is also required to obtain shareholders' approval for meeting the MPS requirement. As per data on BSE, the promoter and promoter group have 81.75 per cent stake in Equitas SFB as on June 30, 2021. While the remaining 18.25 per cent is public shareholding.
