Equitas Small Finance Bank to launch QIP at issue price of Rs 53.69

Shares of the firm dropped to 0.47 per cent at Rs 53.50 today in the closing session on the National Stock Exchange.

The Board of Chennai headquartered finance bank, Equitas Small Finance Bank has approved the QIP (Qualified Institutional Placement) issue price of Rs 53.59 (including a premium of Rs 43.59 per equity share) on 17 February 2022 to be allocated to eligible institutional buyers. If SEBI ICDR Regulations permits discount, it will be also incorporated.

According to the issue, a discount of 4.98% to the floor price of ₹56.40 per equity share is anticipated. Furthermore, the allocation note to be sent to the eligible qualified institutional buyers has also been approved and finalized by the board.

Earlier, Equitas Small Finance Bank on Friday reported a profit after tax (PAT) of Rs 108 crore for the third quarter, corresponding to Rs 111 crore in the year-ago period, documenting a plunge of 2.7%. The bank’s total income was slightly higher at Rs 1,035 crore, compared with Rs 1, 012 crores.

PN Vasudevan, MD & CEO, said “The business environment is slowly but surely coming back to normal. The third wave of Covid is a matter of concern, but at this point, we see that normal life has not been impacted much due to this. Our flagship product, small business loans, remains resilient and affordable housing loans and new commercial vehicle loans are primed for growth in the coming quarters.”

Equitas Small Finance Bank is a small finance bank established in 2016 as a microfinance lender. The bank has its headquarters in Chennai and is a subsidiary of holding company Equitas Holdings Ltd.

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