India: IPO-Bound Utkarsh SFB Raises Rs 240 Crore from Six Investors

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Mar 2021
India, March, 22 2021 - The allotment included 37,037,037 equity shares to Olympus ACF, 13,444,444 shares to responsAbility Participations Mauritius, 12,962,962 equity shares to Aavishkaar Bharat Fund; and 8,539,068 equity shares each to Triodos Sicav II - Triodos Microfinance Fund, Legal Owner Triodos Funds BV and Growth Catalyst Partners LLC.

IPO-bound Utkarsh Small Finance Bank on Monday said it has concluded a private placement of Rs 240.47 crore to six investors.

The Varanasi-headquartered SFB had recently filed its draft red herring prospectus dated March 4 with Sebi for raising an aggregate of up to Rs 1,350 crore through an initial public offering, comprising a fresh issue of up to Rs 750 crore and an offer for sale of up to Rs 600 crore by its promoter, Utkarsh CoreInvest Limited.

The bank pursuant to the investment agreement dated February 10 has concluded a private placement of 89,061,647 shares at Rs 27 per equity share.

The allotment included 37,037,037 equity shares to Olympus ACF, 13,444,444 shares to responsAbility Participations Mauritius, 12,962,962 equity shares to Aavishkaar Bharat Fund; and 8,539,068 equity shares each to Triodos Sicav II - Triodos Microfinance Fund, Legal Owner Triodos Funds BV and Growth Catalyst Partners LLC.

Kotak Mahindra Capital acted as financial advisor to the bank for the concluded private placement round.

The SFB said that it may also undertake a pre-IPO placement of up to Rs 250 crore in consultation with the lead managers to the Offer. ICICI Securities Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited are the lead managers to the Offer.



 

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