<p>Chennai-based Equitas Holdings is planning to raise up to Rs 2,176 crore through an initial public offering (IPO). The issue includes a fresh issue aggregating up to Rs 720 crore and an offer for sale of up to 1.64 crore shares.<br /><br /></p>.<p>Equitas, which has received in-principle approval from the RBI to set up a small finance bank, has fixed a price band of Rs 109 to Rs 110 per share for its IPO which opens on April 5 and closes on April 7. Axis Capital, Edelweiss Financial Services, HSBC Securities and Capital Markets and ICICI Securities are the book running lead managers to the issue.<br /><br />“We have to reduce foreign holding in the company to 49% from 93% currently to set up the small finance bank. We have time till April 2017 to commence operations,” Equitas Holdings MD PN Vasudevan said.<br /><br />Funding will be one of the challenges once we become a small finance bank but we will be relying on retail and wholesale deposits, besides corporate deposits and commercial papers for funding going forward, Vasudevan added.<br /><br />The shares offered through the issue are proposed to be listed on BSE and National Stock Exchange of India (NSE). BSE shall be the designated stock exchange.</p>
<p>Chennai-based Equitas Holdings is planning to raise up to Rs 2,176 crore through an initial public offering (IPO). The issue includes a fresh issue aggregating up to Rs 720 crore and an offer for sale of up to 1.64 crore shares.<br /><br /></p>.<p>Equitas, which has received in-principle approval from the RBI to set up a small finance bank, has fixed a price band of Rs 109 to Rs 110 per share for its IPO which opens on April 5 and closes on April 7. Axis Capital, Edelweiss Financial Services, HSBC Securities and Capital Markets and ICICI Securities are the book running lead managers to the issue.<br /><br />“We have to reduce foreign holding in the company to 49% from 93% currently to set up the small finance bank. We have time till April 2017 to commence operations,” Equitas Holdings MD PN Vasudevan said.<br /><br />Funding will be one of the challenges once we become a small finance bank but we will be relying on retail and wholesale deposits, besides corporate deposits and commercial papers for funding going forward, Vasudevan added.<br /><br />The shares offered through the issue are proposed to be listed on BSE and National Stock Exchange of India (NSE). BSE shall be the designated stock exchange.</p>
