 "After successful IPO, Equitas submits application for banking licence")
Equitas Holdings Ltd on Friday informed the BSE that it had submitted an application for a banking licence.
The company said it had submitted an application to the Reserve Bank of India on Thursday for a banking licence under Section 22 of the Banking Regulation Act, 1949.
The development comes after company's successful initial public offering (IPO) early this month.
Equitas is a Chennai-based Microfinance company founded in 2007 by P N Vasudevan.
The company said it had submitted an application to the Reserve Bank of India on Thursday for a banking licence under Section 22 of the Banking Regulation Act, 1949.
The development comes after company's successful initial public offering (IPO) early this month.
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The IPO was one of the conditions for the small finance bank (SFB)'s licence. Foreign holding in Equitas was 93 per cent and it was brought down to less than 49 per cent, and for that it needed an IPO. Equitas has time till April 2017 to commence SFB operations. The Rs 2,170-crore IPO was subscribed 17 times, despite no participation of foreign institutional investors.
Equitas is a Chennai-based Microfinance company founded in 2007 by P N Vasudevan.