Cyril Amarchand Mangaldas advised on IPO of ESAF Small Finance Bank

Cyril Amarchand Mangaldas advised on IPO of ESAF Small Finance Bank

Cyril Amarchand Mangaldas acted as legal counsel to ESAF Small Finance Bank Limited (ESAF) in relation its INR 463 crore Initial Public Offering (IPO) and its corporate promoter, ESAF Financial Holdings Private Limited (ESAF Holdings) in its offer for sale (OFS) of INR 49.26 crore in the IPO.

As a part of the transaction, the IPO of 77,356,059 equity shares of ESAF at an offer price of INR 60 per equity share, including a share premium of INR 50 per equity share aggregating to INR 463 crore, comprised a fresh issue of 65,306,060 equity shares aggregating to INR 390.7 crore, and an offer for sale by PNB Metlife India Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited and ESAF Holdings aggregating to 12,049,999 equity shares aggregating to INR 72.3 crore.

The Capital Markets Team of Cyril Amarchand Mangaldas advising ESAF and ESAF Holdings was led by Reuben Chacko, Partner& Regional Co-head Markets Practice (Southern Region); with support from Tanvi Kini, Principal Associate; Satakshi Sharma, Senior Associate Designate; Pragya Gupta, Associate; Prajna Kariappa, Associate; Sabreen Hussain, Associate; Achyutha G M, Associate; and Anna Kallivayalil, Associate.

Other parties and advisors to the transaction included ICICI Securities Limited, DAM Capital Advisors Limited and Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited) (collectively the book running lead managers); Duane Morris & Selvam LLP (acted as International legal counsel for book running lead managers)

The Equity Shares commenced trading on Stock Exchanges on November 10, 2023, within 3 working days from the date of closure of the Offer.

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