Saturday, December 2, 2023

esaf sfb fund raise: ESAF SFB mobilises Rs 135 crore from anchor investors

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ESAF Small Finance Bank has raised Rs 135.15 crore from 11 anchor investors led by ACM Global Fund VCC, Edelweiss Tokio Life Insurance Company and Kotak Mahindra Life Insurance Company a day ahead of the bank’s Rs 463 crore initial public offer (IPO).ESAF has allocated a little over 2.25 crore equity shares to anchor investors including Edelweiss Tokio Life Insurance Company, ICICI Prudential Life Insurance and SBI General Insurance at an allocation price of Rs 60, the bank informed stock exchanges.

ESAF, a microfinance institution-turned bank, has fixed a price band of Rs 57-60 per share for its IPO, which will open for retail subscription Friday.An anchor investor is a qualified institutional buyer (QIB) who submits a bid for a minimum Rs 1 crore.

The others who put their bet on ESAF are Founders Collective Fund, Ananta Capital Ventures Fund, Astorne Capital VCC, BNP Paribas Arbitrage, Copthall Mauritius Investment and Alchemie Ventures Fund.

The Thrissur-headquartered small finance bank allocated shares worth Rs 20 crore each to ACM Global Fund VCC, Edelweiss Life and Kotak Mahindra Life Insurance Company. Edelweiss Life acquired those shares through its four schemes. ICICI Prudential Life, SBI General Insurance, Founders Collective Fund and Ananta Capital Ventures have put in Rs 11 crore each.

The bank will issue fresh shares worth Rs 390.1 crore in the IPO while three existing investors including ESAF Financial Holdings will pare their stakes through the offer for sale (OFS) window. The size of OFS would be Rs 72.3 crore.The IPO will remain open for subscription till November 7.

ESAF Financial Holdings is one of the promoters of the bank besides managing director K Paul Thomas. PNB Metlife India Insurance Company and Bajaj Allianz Life Insurance Company are other selling shareholders.

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