Fino Payments Bank has filed preliminary papers with markets regulator Sebi to raise an estimated Rs 1,300 crore through an initial share-sale.
The initial public offer (IPO) includes a fresh issue of equity shares worth Rs 300 crore and an offer-for-sale of 15,602,999 equity shares by promoter Fino Paytech, according to draft red herring prospectus (DRHP).
Proceeds from the fresh issue would be used towards augmenting the bank’s tier-1 capital base to meet its future capital requirements.
The bank may consider a pre-IPO placement aggregating up to Rs 60 crore. If such placement is completed, the fresh issue size will be reduced.
Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging India market with its digital-based financial services.
Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services have been appointed as investment bankers to advise the bank on the IPO.
Published: July 31, 2021, 19:19 IST
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