Utkarsh Small Finance Bank Limited

Utkarsh Small Finance Bank Limited concludes Private Placement of INR 240.47 crore to 6 Investors

Mumbai, 22 March: Varanasi headquartered, Utkarsh Small Finance Bank Limited (“Bank”) had recently filed its draft red herring prospectus dated March 4, 2021 (“DRHP”) with Securities and Exchange Board of India  (“SEBI”), for raising an aggregate of up to INR 1,350 crore through an initial public offering (“Offer”) comprising a fresh issue of up to INR 750 crore and an offer for sale of up to INR 600 crore by its promoter, Utkarsh CoreInvest Limited.

The Bank pursuant to the investment agreement dated February 10, 2021, has concluded a private placement of its equity shares and raised INR 240.47 crore by allotting 89,061,647 equity shares at INR 27 per equity share  i.e. 37,037,037 equity shares to Olympus ACF Pte. Ltd; 13,444,444 equity shares to responsAbility Participations Mauritius; 12,962,962 equity shares to Aavishkaar Bharat Fund; and 8,539,068 equity shares each to Triodos Sicav II - Triodos Microfinance Fund,  Legal Owner Triodos Funds B.V. (in its capacity as legal owner of Triodos Fair Share Fund) and  Growth Catalyst Partners LLC.

Kotak Mahindra Capital Company Ltd. acted as financial advisor to the Bank for the concluded private placement round.

Additionally, the Bank may undertake a pre-IPO placement of up to INR 250 crores in consultation with the lead managers to the Offer. ICICI Securities Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited are the lead managers to the Offer.