Abhishek Securities

  Suryoday Small Finance Bank (SSFB), one of the fastest-growing small finance banks today announced disbursement of its first loan under the  PMs SVA Nidhi scheme. The loan of  ₹ 10,000 as mandated in the scheme was disbursed to “Mrs. Asha Ashok Valmiki, “ a vegetable vendor “. The Bank ensured that the complete process of sanctioning the loan and withdrawal was digital and hassle-free. Commenting on this R Baskar Babu, MD &CEO  Suryoday Small Finance Bank  said " We take great pride in being a part of the PMs vision of providing small working capital loans to street vendors under the PM SVANidhi scheme, which is aimed at creating an Atmanirbhar ecosystem and helping them to bounce back after the crisis caused by the pandemic". It is our endeavor always, to bring a world-class banking experience to our customers and enable them to attain comprehensive financial stability. The government has been forthcoming in announcing various initiatives to the people an...

  IDFC   NSE 6.44 %  First Bank and a few other investors would be looking to lower their ownership in  Suryoday Small Finance Bank , which is in the final laps of making an application for its initial public offer ( IPO ). The proposed IPO would consist of a primary issue and an offer for sale (OFS), people familiar with the matter said. Some of the existing investors would take the OFS route for partly offloading their stakes, they said. International Finance Corporation (IFC), DWM (International) Mauritius, Gaja Capital, Lok Capital and  HDFC Life Insurance Company   NSE -0.03 %  are some of the prominent shareholders in Suryoday, which had Rs 3,700 crore of assets under management as of March. The size of the IPO is likely to be in the range of Rs 550-600 crore while about 40% would be reserved for OFS. The company was earlier looking to raise about Rs 1,400 crore but it pruned the proposed size because of the current challenging market condi...

  Small finance banks  may face losses cumulatively in FY21 as their growth is projected to more than halve to 10-15 per cent as compared with 30 per cent last financial year, credit rating firm  ICRA   NSE -0.08 %  said. The loss at consolidated level may be due to their elevated operating costs and high credit costs of around 3.5 per cent-4 per cent. ICRA has projected an equity requirement of Rs 5,000-6,000 crore for these banks if they like to achieve a CAGR of 15-20 per cent till FY2023 and to absorb expected losses and maintain gearing levels at 7-8 times. “SFBs would need external capital not only to manage  Covid-19  related credit costs and medium term growth but also to manage the regulations related to reducing promoter shareholding below 40 per cent," ICRA's head for financial sector ratings, Supreeta Nijjar said. Till date,  Ujjivan Small Finance Bank   NSE -1.44 %  and  AU Small Finance Bank   NSE -0.11 % ...

Suryoday Small Finance Bank Ltd has raised Rs.62.14 crore in equity funding through a private placement offer from five of its existing investors including Gaja Capital, private insurer Kotak Mahindra Life Insurance Co.Ltd, said a senior official at the scheduled commercial bank in an exclusive interaction. Three other investors that helped the Navi Mumbai based bank in raising funds include-Impact investor Lok Capital, New-York based financial services firm Teachers Insurance and Annuity Association fund (TIAA), and Kolkata-based LNB Group's investment arm Kiran Vyapar. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com