Equitas SFB cuts IPO size to ₹280 crore

Chennai-based Equitas Small Finance Bank (SFB) has almost halved the size of its initial public offering (IPO) to ₹280 crore citing the current market conditions.

On Friday, Equitas SFB filed a draft red herring prospectus with the Securities and Exchange Board of India to raise up to ₹280 crore by way of fresh issue of shares and offer for sale up to 7.20 crore equity shares. In a regulatory filing, the bank said the size of the fresh issue had been reduced to ₹280 crore from ₹550 crore. The lender plans to utilise the proceeds towards augmenting Tier-I capital base to meet its future capital requirements.

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