Equitas SFB raises Rs550 crore through QIP issue; Stock spurts ~6%

21 Feb 2022 , 11:56 AM

Equitas Small Finance Bank has received Rs550 crore from qualified institutional investors as it has approved the allotment of 10.26 crore equity shares at an issue price of Rs53.59 per share. The QIP issue was opened for bidding on February 14 and closed on February 18, 2022.

Equitas SFB was trading at Rs56.60 per piece up Rs3.15 or 5.89% on the BSE.

“The company approved the issue price of Rs53.59 per Equity Share (including a premium of 43.59 per equity share), which takes into account a discount of 4.98% (i.e. Rs2.81 per equity share) to the floor price of Rs56.40 per equity share.

Approved and adopted the placement document dated February 18, 2022; and approved and finalised the confirmation of allocation note to be sent to the eligible qualified institutional buyers, intimating them of allocation of Equity Shares pursuant to the Issue,” company said in a filing on Friday.