Varanasi-based Utkarsh Small Finance Bank has mopped up Rs 222.75 crore from 20 anchor investors on July 11, ahead of the launch of the initial public offering.
The company in its filing to exchanges said it has finalised the allocation of 8.91 crore equity shares to anchor investors, at an upper price band of Rs 25 per share.
Twenty anchor investors participated in the anchor book including SBI Mutual Fund, ICICI Prudential, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Goldman Sachs Funds, SBI Life Insurance Company, Edelweiss Trusteeship, Founders Collective Fund and AG Dynamics Funds.
Utkarsh Small Finance Bank is planning to raise Rs 500 crore via public issue which comprises only fresh issue. Hence, the entire funds, excluding issue expenses, will be utilised for augmenting its Tier-1 capital base to meet future capital requirements.
The offer will open for subscription on July 12 and the last day for bidding would be July 14.
The price band for the offer is 23-25 per share.
The small finance bank has reserved up to 75 percent of the offer for qualified institutional buyers, 15 percent for high networth individuals, and the balance 10 percent for retail investors.
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