Equitas Small Finance Bank (ESFB) has reduced the size of its initial public offering (IPO) to Rs 280 crore from Rs 550 crore.
The Chennai-based bank has also decreased the number of equity shares on offer-for-sale to 7.2 crore from 8 crore, cut shareholder reservation by almost half to Rs 51 crore from Rs 100 crore, and reduced employee reservation to Rs 1 crore from Rs 5 crore, Equitas Holdings informed the exchanges on September 25.
ESFB received Securities and Exchange Board of India's (SEBI) approval to launch the IPO on March 3. Equitas SFB had filed the draft red herring prospectus with the SEBI on December 16, 2019.The bank on March 18 said it will defer the launch of its IPO offering due to coronavirus-led weak market conditions. It was the third victim of COVID-19 that battered not only global equity markets but also commodities.