AU Small Finance Bank has completed the allotment of equity shares under its Qualified Institutions Placement (QIP) and has successfully raised Rs 625.5 crore through the issuance of 50,00,000 equity shares at an issue price of Rs 1,251 per share. The issue was launched on March 9 with a floor price of Rs 1,181.06 a piece.
The QIP witnessed strong reception from both domestic and international institutional investors and the entire QIP was subscribed by sovereign wealth funds, large foreign portfolio investors, life insurance company and domestic mutual funds.
AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused nonbanking finance company (NBFC), which primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.
