The Shares of Equitas Holdings dropped to 17 per cent to RS 97 on Monday on BSE soon after Sebi returned the drafted scheme regard to Equitas Small Finance Bank on Friday. The company advised them to resubmit the documents after ensuring compliance with the provisions mentioned in the Sebi circular.
The Equitas Holdings told the exchanges that it would take necessary steps to list its share through IPO, Which was expected to be completed by 2020.
The RBI has barred the listing deadline for ESFB and has also not allowed them to open any new branches till further order. The order came last week after they failed to comply with the regulatory condition given to them during the issuance of the licence.
The Company was started in 2005, the company headquarters is in Tamil Nadu it is a small microfinance company which has been granted a small-bank license by the RBI in 2015. The company provides microfinance loans, housing loans, used commercial vehicle loans and MSE loans. At 09:53 am, the stock of Equitas Holdings was down 15 per cent at Rs 99, as compared to 0.53 per cent decline in the S&P BSE Sensex.
Trading volume on the counter has been doubled with a combined 13.2 million shares changing hands on the BSE and NSE so far.