Equitas Small Finance Bank rose 2.18% to Rs 60.80 after the bank announced the grant of approval by the Reserve Bank of India (RBI) to SBI Funds Management for acquisition of shares up to 9.99% of the paid - up equity capital of the bank.
In an exchange filing made during market hours today, the bank said that it has received an intimation from RBI on 03 January 2023, according approval to SBI Funds Management (SBI FML) to acquire up to 9.99% of the paid-up equity capital of the bank through the schemes of SBI Mutual Fund (SBI MF).
The banking regulator's approval is subject to compliance with the relevant regulations issued by RBI and SEBI and is valid for one year till 2 January 2024.
Equitas Small Finance Bank offers products and services to meet the needs of individuals with limited access to formal financing channels, as well as affluent and mass affluent, small & medium enterprises (SMEs) and corporates.
The bank reported a net profit of Rs 116.42 crore in Q2 FY23, steeply higher than Rs 41.19 crore recorded in Q2 FY22. Total Income jumped 15.24% to Rs 1,147.39 crore in quarter ended 30 September 2022 from Rs 995.69 crore posted in the corresponding quarter previous year.
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