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Jana Small Finance Bank to issue capital worth 2B rupees

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Jana Small Finance Bank to issue capital worth 2B rupees

Jana Small Finance Bank Ltd. said it plans to issue 1,445,504 fully paid up Class A Equity Shares for 2 billion Indian rupees to Jana Holdings Ltd. and ICICI Prudential Life Insurance Co. Ltd. on a preferential basis.

The subscription price of the shares, which have a face value of 10 rupees each, will be 1,383.60 rupees apiece, the bank said in a Feb. 27 release. The allotment is expected to be completed by April 30, subject to shareholder approval in an extraordinary general meeting March 5.

Jana Holdings has a 44.90% stake in the lender while ICICI Prudential Life Insurance holds a 2.76% stake.

As of Feb 27, US$1 was equivalent to 65.14 Indian rupees.