Kolkata: Kerala-based ESAF Small Finance Bank has raised Rs 464 crore by selling fresh equity shares to PNB MetLife India Insurance Co, Bajaj Allianz Life Insurance Co and ICICI Lombard General Insurance Co, the bank announced Wednesday.
This is the first share sale by ESAF Promoters, which is looking to get listed on the stock exchanges by July 2021.
PNB MetLife India Insurance Co has picked up 4.99% while Bajaja Allianz Life picked up 4.08%. ICICI Lombard bought 1.45% share.
The infusion of additional capital helped the bank's net worth grow to Rs 807 crore, the company said. ESAF Multi-State Co-operative have taken a 4.99% stake.
"With this promoters holding comes down to 78%," K Paul Thomas, one of the promoters and managing director told ET. The deals took place in two phases in July and in September.
“The proceeds from the private placements will be used for general corporate purposes, capital management and to support future growth” Thomas said.
Esaf has Rs 4400 crore loan book while its deposits touched Rs 300 crore at the end of September.