Utkarsh Small Finance Bank Limited concludes Private Placement of INR 240.47 crore to 6 Investors
Chennai, 22 March: Utkarsh Small Finance Bank Limited (“Bank”) had recently filed its draft red herring pr ospectus dated March 4, 2021 (“DRHP”) with Securities and Exchange Board of India (“SEBI”), for raising an aggregate of up to INR 1,350 crore through an initial public offering (“Offer”) comprising a fresh issue of up to INR 750 crore and an offer for sale of up to INR 600 crore by its promoter, Utkarsh CoreInvest Limited.
The Bank pursuant to the investment agreement dated February 10, 2021, has concluded a private placement of its equity shares and raised INR 240.47 crore by allotting 89,061,647 equity shares at INR 27 per equity share i.e. 37,037,037 equity shares to Olympus ACF Pte. Ltd; 13,444,444 equity shares to responsAbility Participa tio ns Mauritius; 12,962,962 equity shares to Aavishkaar Bharat Fund; and 8,539,068 equity shares each to Triodos Sicav II – Triodos Microfinance Fund, Legal Owner Triodos Funds B.V. (in its capacity as legal owner of Triodos Fa ir Share Fund) and Growth Catalyst Partners LLC.
Kotak Mahindra Capital Company Ltd. acted as financial advisor to the Bank for the concluded private placeme nt round.Additio nally, the Bank may undertake a pre-IPO placement of up to INR 250 crores in consultation wi th the lead managers to the Offer. ICICI Securities Limited, IIFL Securities Limited and Kotak Mahin dra Capital Company Limited are the lead managers to the Offer.
Disclaimer: UTKARSH SMALL FINANCE BANK LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations to make an initial public offering of its Equity Shares and has filed the DRHP dated March 4, 2021 with SEBI. The DRHP is available on the websites of SEBI at www.sebi.gov.in, as well as on the websites of the book running lead managers, ICICI Securities Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited, at www.icicisecurities.com, www.iiflsecurities.com and www.investmentbank.kotak.com respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com, respectively Any potential investor sho uld note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the red herring prospectus, when available. Potential investors should not rely on the DRHP for any invest ment decision. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in transactions exempt from, or not subject to, registration requirements of the Securities Act, and (ii) outside the United States in ‘offshore transactions’ in reliance on Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made.
