Equitas Small Finance Bank to raise Rs 1,000cr

Equitas Small Finance Bank (SFB) on Monday said it will raise up to Rs 1,000 crore through a QIP in order to fulfil the regulatory norms regarding minimum public shareholding.

''The board of directors in the meeting today has approved meeting the minimum public shareholding (MPS) requirements stipulated by Sebi by raising a sum not exceeding Rs 1,000 crore (including premium) through Qualified Institutions Placement (QIP),'' Equitas SFB said in a regulatory filing.

As per the Sebi norms under Issue of Capital and Disclosure Requirements (ICDR), the SFB is also required to obtain shareholders' approval for meeting the MPS requirement. As per data on BSE, the promoter and promoter group have 81.75 per cent stake in Equitas SFB as on June 30, 2021. While the remaining 18.25 per cent is public shareholding.

* * * * * * Jeep India launches Mission One Earth CSR prog * Jeep India, a part of global automotive group Stellantis, on Monday launched its flagship corporate social responsibility initiative 'Mission One Earth' under which it will conduct various programmes to encourage its customers and community to 'enjoy adventures responsibly'.

Starting the initiative, the company said its customers and local community of the Ladakh region collected 1,500 kg of plastic waste from the roads leading to the mountain range.

''Through this initiative, Jeep Brand placed specially designed and digitally enabled 'reverse vending machines' in high-footfall tourist locations along the high altitude passes in the Himalayas. The collected plastic waste will be recycled into Jeep merchandise,'' the company said in a statement.

Tourists who feed the reverse vending machines with plastic waste will receive a coupon which can be redeemed for environmentally-friendly Jeep merchandise that will be sent to the individuals directly by Jeep India, it added. The reverse vending machines will continue to remain at these tourist locations and will be monitored and maintained by Jeep India for a year, the company said.

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