Equitas Small Finance Bank tumbled 7.91% to Rs 67.43, post listing of fresh 78.95 crore shares pursuant to the amalgamation of Equitas Holdings with the bank.
Equitas Small Finance Bank amalgamated with its parent firm, Equitas Holdings. Following the merger, 78,95,35,166 new equity shares of Equitas Small Finance Bank are listed and permitted for trading on the exchange, effective from Friday, 10 March 2023.Further, 93,39,43,363 equity shares of the bank held by Equitas Holdings (erstwhile promoter) stand extinguished with effect from 3 March 2023.
The paid up share capital of the bank after the afore stated extinguishment and allotment of shares is Rs 11,10,29,84,850 (comprising of 111,02,98,485 equity shares of Rs 10 each). The new equity shares issued shall rank pari- passu with the existing equity shares.
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's net profit surged 57.4% to Rs 170.13 crore on 17.5% rise in total income to Rs 1,216.03 crore in Q3 FY23 over Q3 FY22.
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