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.
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