ESAF Small Finance Bank has refiled a Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) to raise Rs 997.78 crore through an initial public offering (IPO). The small finance bank had filed a DHRP in January last year, but the first wave of the covid pandemic and nationwide lockdown had forced it to call off the IPO.

The fresh IPO comprises a new issue of equity shares worth Rs 800 crore and an offer for the sale of shares worth Rs 197.78 crore by existing promoters and shareholders.

The OFS comprises sale of up to Rs 21.33 crore worth of equity shares by PNB Metlife India Insurance Company, Rs 17.46 crore by Bajaj Allianz Life Insurance Ltd, up to Rs 87 crore by PI Ventures LLP, and up to Rs 26 lakh by John Chakola.

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The lender said it is in consultation with its book-running lead managers to consider a pre-offer placement of Rs 300 crore. Axis Capital, Edelweiss Financial Services, ICICI Securities and IIFL Securities lead managers to the issue.

The proceeds from the issue will be used to boost its tier 1 capital base. As of March 2021, capital adequacy ratio (CAR) was 24.23 per cent (tier 1 capital of 21.54 per cent).