ESAF Small Finance Bank raises Rs 162 cr via preferential allotment

It reported a 28.04 per cent year-on-year rise in total deposits to Rs 9,000 crore and advances crossed Rs 8,413 crore, registering a growth of 23.61 per cent, as on March 31, 2021.Total business crossed Rs 17,412 crore against Rs 13,835 crore in the year-ago period, the lender said.

Small finance lender ESAF Small Finance Bank on Monday said it has raised Rs 162 crore as equity through preferential allotment of shares. A total of Rs 2.18 crore shares were allotted preferentially to certain HNI (high networth individual) investors, including some existing investors, leading to a dilution of around 5 per cent at Rs 75 per share, a release said. The shares were priced at 2.64 times pre-issue, and 2.45 times post issue, of its book value as of September 30, 2020, it said.

''The additional capital raised will strengthen the capital adequacy by about 250 basis points and will support our ambitious growth plan set for FY 22,'' the bank's managing director and CEO K Paul Thomas said in the release.

As per the unaudited results, the bank has achieved a YoY growth of 25.86 per cent in gross business during FY 2020-21. It reported a 28.04 per cent year-on-year rise in total deposits to Rs 9,000 crore and advances crossed Rs 8,413 crore, registering a growth of 23.61 per cent, as on March 31, 2021.

Total business crossed Rs 17,412 crore against Rs 13,835 crore in the year-ago period, the lender said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)