Suryoday small finance bank is conducting an EGM on 21st July to shareholder approval for an IPO

Suryoday small finance bank is conducting an EGM on 21st July to seek shareholder approval for an IPO and to increase their authorise capital from hundred crores 225 crores

In terms of the Guidelines for Licensing of Small Finance Banks in the Private Sector dated November 27, 2014, the Bank is required to list its equity shares on the stock exchanges within three years from attaining a net worth of ₹ 500 crores i.e. before November 30,2020 or such other date as may be approved by the Reserve Bank of India.

The Bank proposes to create, offer, issue and allot in the Issue up to 1,50,00,000 ( One crore Fifty lakhs only) Equity Shares, for The proceeds from the Issue will be utilised for the purpose of augmenting the Bank’s Tier – 1 capital base to meet the Bank’s future capital requirements such as organic growth and expansion and to comply with regulatory requirements for enhanced capital base.

Sandip Ginodia , Director

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