Fino Payments Bank files Rs 1,300-cr IPO papers with Sebi

Proceeds from the fresh issue would be used towards augmenting the bank's tier-1 capital base to meet its future capital requirements.

New Delhi: Fino Payments Bank has filed preliminary papers with markets regulator Sebi to raise an estimated Rs 1,300 crore through an initial share-sale. The initial public offer (IPO) includes a fresh issue of equity shares worth Rs 300 crore and an offer-for-sale of 15,602,999 equity shares by promoter Fino Paytech, according to draft red herring prospectus (DRHP). 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 60 crore. If such placement is completed, the fresh issue size will be reduced.