Fincare Small Finance Bank (SFB) has received capital markets regulator SEBI’s go-ahead to raise ₹1,330 crore through an initial share sale.
The initial public offering (IPO) comprises a fresh issue of equity share of the bank worth ₹330 crore and an offer for sale aggregating up to ₹1,000 crore by promoter Fincare Business Services Ltd., as per the Draft Red Herring Prospectus (DRHP)
The bank would utilise net proceeds from the fresh issue towards augmenting tier-1 capital base to meet future capital requirements. A small portion of the proceeds will be used for meeting expenses in relation to the IPO.
