Jana Small Finance Bank has filed initial papers with markets regulator Sebi to go with the flow an preliminary share-sale. The preliminary public supply (IPO) accommodates contemporary issuance of fairness stocks value Rs 700 crore and an supply on the market of as much as 92,53,659 stocks by means of current shareholders, the draft crimson herring prospectus (DRHP) filed with Sebi confirmed.
Those promoting stocks within the offer-for-sale come with Bajaj Allianz Life Insurance Company, Hero Enterprise Partner Ventures, ICICI Prudential Life Insurance Company, Enam Securities, North Haven Private Equity Asia Platinum Pte Ltd, QRG Enterprises and Tree Line Asia Master Fund (Singapore) Pte Ltd. According to service provider banking assets, the IPO is anticipated to fetch Rs 1,100 crore.
The small finance financial institution has proposed to make use of the online proceeds from the contemporary factor against augmenting its Tier – 1 capital base to satisfy long run capital necessities.
The proceeds may also be used for assembly the bills in terms of the supply.
Jana Small Finance Bank stated it should imagine a pre-IPO placement of an mixture quantity no longer exceeding Rs 500 crore, together with by the use of a proposed additional factor to its promoters for an quantity of as much as Rs 400 crore. The pre-IPO placement, if undertaken, shall be finished previous to submitting of the DRHP with the Registrar of Companies (RoC). In case the pre-IPO placement is undertaken, the quantity raised shall be lowered from the contemporary factor.
The lender serves underbanked consumers via quite a lot of merchandise, together with 0 steadiness financial savings accounts, mounted deposits with sexy rates of interest, collateral-free loans and reasonably priced housing mortgage schemes. It gives loans to MSMEs, agriculture sector, people, reasonably priced housing sector and two-wheeler patrons. The small finance financial institution additionally supplies gold loans to consumers.
It is among the 10 monetary establishments to have won an in-principle nod from RBI to serve as as a small finance financial institution in 2015. The financial institution won its ultimate banking licence in April 2017.
Axis Capital, ICICI Securities and SBI Capital Markets were appointed as service provider bankers to the problem.