Fincare Small Finance Bank files for IPO, plans to raise Rs 1,330 crore
The IPO of Bengaluru-based microfinance company comprises a fresh issue of Rs 330 crore by the bank and an offer for sale of Rs 1,000 crore by promoter Fincare Business Services
BusinessToday.In | May 10, 2021 | Updated 18:20 IST
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Fincare Small Finance Bank has filed draft papers for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). It plans to raise Rs 1,330 crore from the primary market.
The IPO of Bengaluru-based microfinance company comprises a fresh issue of Rs 330 crore by the bank and an offer for sale of Rs 1,000 crore by promoter Fincare Business Services.
India: Fincare Small Finance Bank files draft papers for $182m IPO
Photo by Micheile Henderson on Unsplash
May 9, 2021
Fincare Small Finance Bank (Fincare SFB) on Sunday filed a draft red herring prospectus with the markets regulator Securities Exchange Board of India to raise ₹1,330 crore via an initial public offering (IPO).
Fincare is a “digital-first” SFB with a focus on unbanked and under-banked customers, especially in rural and semi-urban areas.
The IPO comprises a fresh issue of ₹330 crore and an offer for sale of ₹1,000 crore by the bank’s promoter entity Fincare Business Services Ltd. Fincare Business holds 78.57% stake in the bank.
Motilal Oswal PE buys minority stake in Fincare Small Finance Bank for about ₹185 crore
May 03, 2021
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The deal provides partial exit to True North Fund V LLP, one of the key investors in the firm
Motilal Oswal Private Equity (MOPE) has picked up a minority stake in Fincare Small Finance Bank for $25 million (about ₹185 crore) through a secondary acquisition. The deal provides partial exit to True North Fund V LLP, one of the key investors in the firm.
The deal was done by India Business Excellence Fund–III, a fund managed and advised by MOPE, it said in a statement.
Vishal Tulsyan, Managing Director and CEO of MOPE, said: “Over the past decade microfinance has established itself as an asset class with potential for high growth and profitability. Based on our assessment, a small finance bank is the best platform to capitalise on this opportunity.”
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