Fincare Small Finance Bank

Here's how much 30 companies plan to raise through IPOs in coming months

Expected IPOs in the coming months include those of Ola Electric, FirstCry, Waaree Energies, Fincare Small Finance Bank, Bansal Wire Industries, NSDL, among others

Fincare SFB merges with AU SFB; consolidation enhances distribution network

AU Small Finance Bank (AU SFB) on Monday amalgamated Fincare Small Finance Bank (Fincare SFB), marking the first such consolidation in the sector. In an all-stock merger deal first announced on October 29, 2023, where the shareholders of Fincare SFB received 579 equity shares in AU SFB for every 2,000 equity shares held in Fincare SFB, the merger received final approval from RBI on March 4, 2024, with the effective date of April 1, 2024. The merger is also expected to provide AU SFB with enhanced access to South India, significantly expanding its distribution network, the Jaipur-based lender said in a statement. This increased presence will facilitate the distribution of the bank's diverse range of products and services to a wider customer base, strengthening its market position in the region, it said. With this, it said, AU SFB has a franchise with a combined base of about 1 crore customers, 43,500 employees, and a network of 2,350 physical touchpoints across 25 states and union .

AU Small Finance Bank rules out further hike in interest rates on deposits

Fincare SFB is slated to merge with AU SFB from April 1, 2024

CCI clears merger of Fincare Small Finance Bank with AU Small Finance Bank

The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank, as per an exchange filing on Tuesday. In October last year, the board of directors of AU Small Finance Bank (AU SFB) and that of Fincare Small Finance Bank (Fincare SFB) approved an all-stock merger of AU SFB and Fincare SFB. As per the terms of scheme of amalgamation, Fincare Business Services, promoter of Fincare SFB, shall infuse Rs 700 crore into Fincare SFB prior to the completion of the merger. "...CCI vide its letter dated January 23, 2024 has communicated that CCI in its meeting held on January 23, 2024, considered and approved the proposed combination involving amalgamation of Fincare Small Finance Bank Limited into and with AU Small Finance Bank...," AU SBF said in the filing to stock exchanges. The lender further said the scheme remains subject to the Reserve Bank of India's approval. Shares of AU SFB ended at Rs 715.95 apiece on the BSE on Tuesday

Fincare Small Finance Bank hikes interest on savings account to 7.5%

The interest rates on savings accounts of Fincare Small Finance Bank range from 3.51 per cent to 7.50 per cent

Merger with Fincare to help enter MFI segment, southern markets: AU SFB

Allaying investors' concerns, AU Small Finance Bank (AU SFB) on Monday said its USD 530 million all-share merger with Fincare Small Finance Bank has a slew of advantages like helping it enter the lucrative microlending segment and expanding into southern India. Fincare said its Rs 625-crore initial public offer goes on the back burner because of the deal, which is expected to be closed by February 2024 after mandatory clearances. Under an agreement announced on Sunday, shareholders of Fincare will get 579 shares of the listed AU SFB for every 2,000 shares that they own. Post the merger, shareholders of Fincare will own 9.9 per cent equity in AU SFB. Promoters of Fincare have also agreed to infuse Rs 700 crore of fresh capital into the entity before the merger. AU SFB's Managing director and chief executive Sanjay Agarwal termed the merger a complementary deal, which will help the Jaipur-based lender gain a foothold in micro finance assets as well. The share of AU SFB's unsecured .

Fincare SFB to merge with AU Small Finance Bank in all-share deal

At present, AU's market capitalisation is Rs 46,000 crore, the highest among small finance banks. The market capitalisation of the merged entity will be slightly over Rs 50,000 crore

You can earn up to 7.25% on your savings account with this bank: Details

With the new interest rate, the Bank is reinforcing its commitment to promoting a culture of savings thereby building financial corpus and in turn, self-reliance.

Sebi returns draft papers of BVG India, Fincare Small Finance Bank

Markets regulator Sebi has returned the preliminary IPO papers of two companies -- BVG India and Fincare Small Finance Bank India. Integrated services company BVG India Ltd had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through an initial public offering (IPO). The firm's proposed IPO comprises fresh issue of equity shares worth up to Rs 200 crore and an offer-for-sale (OFS) of up to 71,96,214 shares by promoters and private equity investor 3i Group. In another update on Sebi's website, the markets watchdog has returned the draft papers of Fincare Small Finance Bank. Last year in August, the company had refiled its preliminary papers with markets regulator to raise funds through IPO as Sebi's one-year approval given to the lender to launch the issue expired in July. Under the rules, a firm gets one year to hit the primary market after receiving an approval from Sebi. In case a firm fails to

NPAs peaked few quarters back: Rajeev Yadav, MD & CEO Fincare SFB

In a Q&A, he explains that his outfit is tapping the capital market both due to regulatory requirements and to fund growth

Fincare Small Finance Bank files Rs 1,330-cr IPO papers with Sebi

Digital lender Fincare Small Finance Bank has filed preliminary papers with capital market regulator Sebi to raise Rs 1,330 crore through an initial share-sale.

Bharti AXA Life, Fincare SFB join hands for bancassurance partnership

Bharti Axa Life and Fincare Small Finance Bank have joined hands for a bancassurance partnership under which the bank will sell insurance policies to its customers.

PE-backed Fincare Small Finance Bank eyes Rs 100 billion assets by FY21

Several financial institutions, including SIDBI, Kotak Mahindra Life Insurance and Edelweiss Tokio Life Insurance have also invested in the lender

Fincare Small Finance Bank eyes over 300 branches in a year

With already 26 full service branches up and running in states like Gujarat, Tamil Nadu, Karnataka and Andhra Pradesh, the new small finance bank (SFB) entrant Fincare is eyeing over 300 outlets in next one year.Erstwhile Disha Microfin Limited, the Ahmedabad-based Fincare Small Finance Bank Limited formally announced launch of its banking operations. However, in the last four weeks since a soft launch, Fincare SFB has already lapped up fixed deposits worth Rs 225 crore even as its advances stand at Rs 1350 crore.Rajeev Yadav, MD & CEO of Fincare SFB indicated that the bank's offering of fixed deposits in the range of 4-9 per cent depending on duration and savings accounts at seven per cent, is one of the best in the industry. "The public response to our deposit products is extremely encouraging. Our instant account opening process and the digital banking solutions have been a delight for our customers," said Yadav.The bank charges interest rates in the bracket of 16-22 per cent ..