The board of Equitas Holdings Ltd. (EHL) on Monday approved the scheme of amalgamation with subsidiary Equitas Small Finance Bank Ltd. (ESFBL).
The appointed date for the scheme is November 1, 2021, EHL said in a filing. For every 100 shares of EHL, shareholders will get 226 shares in ESFBL. Earlier this month, Equitas SFB had received Reserve Bank’s nod to apply for amalgamation of the promoter into itself, in compliance with SFB norms that mandate the promoter to lower stake in the subsidiary to 40% within 5 years of the SFB beginning operations. As of June 30, EHL held 81.75% in Equitas SFB.
(With PTI inputs)
