Equitas Holdings surged 3.63% to Rs 184 at 10:45 IST on BSE, after the company announced that it has received licence from the Reserve Bank of India to carry on the small finance bank operations in India.
The announcement was made before market hours today, 1 July 2016.Meanwhile, the S&P BSE Sensex was up 216.80 points or 0.8% at 27,216.52
On BSE, so far 5.85 lakh shares were traded in the counter as against average daily volume of 5.28 lakh shares in the past two weeks. The stock hit a high of Rs 191.50 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 182.80 in intraday trade so far. The stock had hit a record low of Rs 134.15 on 21 April 2016.
The mid-cap company has equity capital of Rs 335.74 crore. Face value per share is Rs 10.
The Reserve Bank of India (RBI) has issued licence dated 30 June 2016 to Equitas Small Finance Bank to carry on the Small Finance Bank (SFB) operations in India. Equitas Holdings had on 16 June 2016 announced that the Madras High Court had approved amalgamation of Equitas Micro Finance and Equitas Housing Finance with Equitas Finance from effective date ie the working day immediately preceding the date of commencement of business of SFB. On amalgamation coming into effect, Equitas Finance will be named as Equitas Small Finance Bank which will carry on the business of small finance bank, Equitas Holdings said. Post receipt of RBI license and prior to commencement of SFB business, there are a few other approvals to be obtained from various departments of RBI and other agencies. On receipt of these approvals, Equitas Small Finance Bank will commence its operations of small finance bank, the company said.
Equitas Holdings' consolidated net profit rose 28.21% to Rs 46.77 crore on 48.68% rise in total income to Rs 320.17 crore in Q4 March 2016 over Q4 March 2015.
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Equitas Holdings is a diversified financial service provider focused on individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels. The company offers a range of financial products and services including microfinance, used commercial vehicle finance, MSE finance and housing finance. The focus customer segment includes low-income groups and economically weaker individuals operating small businesses, as well as MSEs with limited access to formal financing channels.
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