Equitas Small Finance Bank rallies as it raises Rs 550 crore through QIP

The stock has zoomed up by over 6 per cent today

Equitas Small Finance Bank has been trending for its high upside of over 6 per cent. It opened at Rs 54.00 and has made a day’s high of 58.50. It has hit the list of top gainers list in the S&P 500 list. The primary driver of this rally has been the raising of funds amounting to Rs 550 crore through qualified institutional placement (QIP) of equities. 

The bank has sold about 10.26 crore equity shares to qualified institutional buyers at the issue price of Rs 53.59 per share. Notably, the Government of Singapore has 28.04 per cent of the total issue size and the Monetary Authority of Singapore has acquired about 6.51 per cent of the issue. This corporate action will lead to the reduction in promoters’ shareholding to 75 per cent (previously 81.36 per cent) and will increase the public holding to a minimum of 25 per cent as required by the guidelines of SEBI. 

The stock has a 52-week high and low of Rs 76.75 and 45.35, respectively. As of 1:15 pm today, the stock was trading at Rs 56.7, up by about 6 per cent on the BSE.