New Delhi. Many companies are bringing their Initial Public Offering (IPO) one after the other in the country. In this episode, Utkarsh Small Finance Bank is preparing to bring IPO. Now Utkarsh Small Finance Bank has filed fresh draft papers with the market regulator Securities and Exchange Board of India (SEBI), reducing the size of its IPO to Rs 500 crore.
Utkarsh Small Finance Bank first committed Rs 1,350 crore IPO Approval related to bringing was taken from SEBI. But the one-year deadline for that permission had expired only last month. After that this small finance bank has again submitted documents with SEBI, in which it has been said that the amount to be raised from the issue has been reduced from Rs 1,350 crore to Rs 500 crore. Now it will have to get the approval of SEBI afresh for the IPO.
Preparing to raise Rs 500 crore from the issue
According to the draft papers, Utkarsh Small Finance Bank will try to raise Rs 500 crore from the issue by issuing completely new shares. The entire amount will go to the bank.
FD in Utkarsh Small Finance Bank will get more interest than before
It is worth noting that Utkarsh Small Finance Bank will now give more interest to its customers on all below 2 crores. The bank has announced different interest rates for different tenures. The new interest rates of the bank came into effect from 25 July 2022. Common people will now get 6.25 percent interest instead of 4 percent, while senior citizens will now get 6.75% interest instead of 4.50% earlier.
FIRST PUBLISHED : July 31, 2022, 14:31 IST