Equitas Holdings appoints SBICAPS to divest stake in Equitas Technologies

In order to comply with the RBI's licensing conditions applicable to the Company, being the Promoter of Equitas Small Finance Bank ("Bank"), the Boards of Equitas Holdings Limited and the Bank in their respective Meetings held on July 26, 2021 had approved a Scheme of Amalgamation ("Scheme"). As per the Scheme, all the assets held by the Company, including its investments in Equitas Technologies Private Limited ("ETPL") has to be transferred to and vested in the Bank. Since ETPL is not engaged in financial services, the Company is required to fully divest its investment in ETPL.

Accordingly, the Board of Directors in its Meeting held on January 07, 2022, approved sale of its entire shareholding in the Company's Subsidiary, ETPL.

In this connection, the Company has appointed SBI Capital Markets Ltd (SBICAPS) to advise on the strategic buyout and/or stake sale of ETPL. SBICAPS is in the process of undertaking a public auction process to identify potential buyer(s) and complete the transaction.

Shares of Equitas Holdings Limited was last trading in BSE at Rs. 114.25 as compared to the previous close of Rs. 113.95. The total number of shares traded during the day was 80222 in over 1998 trades.

The stock hit an intraday high of Rs. 119.90 and intraday low of 113.00. The net turnover during the day was Rs. 9423171.00.

Source : Equity Bulls

Keywords

EquitasHoldings INE988K01017 EquitasSmallFinanceBank EquitasTechnologies StakeSale