Connect with us

Hi, what are you looking for?


Fino Payments Bank files for IPO

Fino Payments Bank has filed preliminary papers with markets regulator SEBI to raise an estimated Rs 13 billion through an initial share-sale. The proposed IPO includes a fresh issue of equity shares worth Rs 3 billion and an offer-for-sale of 15,602,999 equity shares by promoter Fino Paytech. Proceeds from the fresh issue would be used towards augmenting the bank’s tier-1 capital base to meet its future capital requirements. The bank may consider a pre-IPO placement aggregating up to Rs 6 billion. If such placement is completed, the fresh issue size will be reduced. The payments bank is a fully-owned subsidiary of Fino Paytech, a pioneer in technology-enabled financial inclusion solutions. Fino Paytech is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation. The payments bank’s platform has facilitated more than 434 million transactions in financial year 2020-21, as per the draft papers.


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.