The IPO price band has been set at Rs193-195 per share.
The Bank proposes to open its initial public offering (IPO) of equity shares of the face value of Rs10 each (Equity Shares) on November 22, 2019.
The IPO opens for subscription from today and closes on November 26, while allotment would be made on December 2, 2019. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited (the Stock Exchanges).
The IPO consists of a fresh issue aggregating up to Rs24cr (“Fresh Issue”) and an offer for sale of up to 1,97,78,298 equity shares by the Selling Shareholders, (“Offer for Sale” and together with the Fresh Issue referred to as the “Offer”). The Bid/Offer Closing Date will be on November 26, 2019. Bids can be made for a minimum lot of 75 Equity Shares and in multiples of 75 Equity Shares thereafter.
The net proceeds from the Offer are proposed to be utilized to augment Tier-I capital base to meet Bank’s future capital requirements which are expected to arise out of growth in the Bank’s assets, primarily Bank’s loans/advances and investment portfolio and to ensure compliance with Basel III and other RBI guidelines. Further, the proceeds from the Offer will be used towards meeting the expenses of the Offer.
The Book Running Lead Managers (“BRLMs”) to the Offer are Axis Capital Limited and IIFL Securities Limited.