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Utkarsh Small Finance Bank re-files DRHP; slashes issue size by 63% to Rs.500-Cr

Economic Times  

Utkarsh Small Finance Bank (SFB) has refiled its draft red herring prospectus (DRHP) to float its initial public offering (IPO) with the capital markets regulator Sebi. The Varanasi-based lender had filed its DRHP in July 2021 to raise INR 1,350 crore which included a fresh issue worth INR 750 crore and an offer-for-sale (OFS) of INR 600 crore by promoter Utkarsh Coreinvest. The company has slashed its issue size by 63% to INR 500 crore. According to the latest DRHP, the issue consists of only fresh equity shares with a face value of INR 10 each. The company may consider a pre-IPO placement aggregating to INR 100 crore. The issue proceeds will be used to augment its tier 1 capital base to meet future capital requirements. ICICI Securities and Kotak Mahindra Capital are the book running lead managers for the offer, while KFin Technologies has been appointed as the registrar to the issue.