Fincare Small Finance Bank gets Sebi approval for ₹1,330-cr IPO

Fincare Small Finance Bank (Fincare SFB) said it has received Securities and Exchange Board of India's (Sebi's) approval to float an initial public offering (IPO) to raise Rs1,330 crore.

Fincare SFB had in May filed its draft red herring prospectus with the markets regulator to raise the amount. The IPO comprises a fresh issue of ₹330 crore and an offer for sale of ₹1,000 crore by the bank’s promoter Fincare Business Services Ltd. Fincare Business holds 78.57% stake in the bank. Proceeds from the fresh issue of shares will be used for augmenting the bank’s tier-1 capital base to meet its future capital requirement.