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IPO

Jana SFB raises Rs.560-Cr from Damani, Kacholia, others

Economic Times  

Bengaluru-based Jana Small Finance Bank has raised INR 560 crore in pre-IPO (initial public offer) financing from high net-worth individuals (HNIs) and funds. The bank raised the money from Enam Holdings' Akash Bhanshali, Ashish Kacholia, DMart owner Radhakishan Damani. Akash Prakash-led Amansa Holdings also participated in the fundraise. The fresh fundraise strengthens the bank's capital adequacy to more than 19% from 15% at the end of March. The bank is planning to also sell at least INR 1,500 crore worth of shares in an IPO later this year for which a draft prospectus will be filed next month. Other shareholders in the bank include TPG Capital, Morgan Stanley Private Equity, electric appliance company Havells Group besides Amansa and Enam all of whom own more than 9% stake.