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Utkarsh small finance bank gets Sebi’s nod for IPO
October 28, 2022
The lender may consider issue of securities aggregating up to ₹100 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced.
The SFB, which filed fresh draft papers with Sebi in August, obtained its observation letter on October 21, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
In Sebi’s parlance, obtaining its observation letter implies the markets watchdog’s approval to launch the IPO.
Going by the draft papers, proceeds from the fresh issue will be utilised to augment the lender’s Tier 1 capital base to meet future capital requirements.
Incorporated in 2016, Utkarsh commenced operations in 2017 and its product suite includes a range of deposit products, including saving accounts, salary accounts, current accounts, recurring and fixed deposits and locker facilities.
As on March 2022, its operations are spread across 22 states and Union Territories with 686 banking outlets and 12,617 employees serving 3.14 million customers majorly located in rural and semi urban areas primarily in the states of Bihar, Uttar Pradesh and Jharkhand.
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