Equitas Small Finance Bank to raise Rs 1000 crore in QIP

Kolkata: The Equitas Small Finance Bank will be looking to raise up to Rs 1000 crore in qualified institutions placement (QIP), the company announced Monday.

The board of the bank approved the plan on Monday.

This will help the lender meet the 25 per cent minimum public shareholding criterion stipulated by the market regulator Securities & Exchange Board of India.

Public holding in the company was at 18.25 per cent as of June 2021 while the balance was with the promoter -- Equitas Holdings Ltd.

Equitas Small Finance Bank and Equitas Holding are in the process of a merger following Reserve Bank of India's in-principle nod to it.