The bank will issue about 68 crore equity shares of face value Rs 10 for the issue, according to its stock exchange filing. It fixed the record date on October 14. The entire issue price will be payable at the time of making the application.
Utkarsh CoreInvest, the promoter of the bank, holds 68.92% while 13.14% are with institutional investors. The balance 17.94% is held by the small investors.
The stock price closed 22.40 on BSE Wednesday, reflecting about 64% drop from the all-time high of 62.75 seen in January 2024. The bank’s share price has been falling steadily since April last year, the time when the issue of overindebtedness of microfinance customers surfaced.
The bank’s gross non-performing assets ratio stood at 11.4% at the end of June as compared with 2.8% a year back. The carry-forward stress translated into a net loss of Rs 239 crore for the first quarter of the fiscal.
About 55% of the bank’s total portfolio of Rs 19224 crore is unsecured loans.
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