ESAF Small Finance Bank has set the price band for its forthcoming initial public offering (IPO) at ₹57-₹60 per share, aiming to raise ₹463 crore, according to details outlined in the Red Herring Prospectus (RHP). The public issue is scheduled to open for subscription from November 3-7, with an anchor portion opening a day earlier on November 2.
The bank has revised down its fresh equity share issue to ₹390.70 crore and the offer for sale to ₹72.30 crore (INR100 crore = approx. USD12 million)
. Key stakeholders including ESAF Financial Holdings Pvt Ltd, which holds a 62.46% stake, PNB MetLife (NYSE:MET) India Insurance Company Ltd, and Bajaj Allianz (ETR:ALVG) Life Insurance Company Ltd are among the entities selling shares in the IPO.
Investors are allowed to participate starting from a minimum of 250 equity shares and can buy in multiples thereof. The revision of the IPO's size indicates a strategic move by the bank to adapt to current market conditions while still securing necessary funding for its operations and future growth plans.
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