utkarsh small finance bank ipo, be ready to invest! Sebi nod to bank for IPO, know details – ipo market news utkarsh small finance bank gets sebi nod for rs 500 crpre initial public offering

Mumbai : Utkarsh Small Finance Bank (Utkarsh Small Finance Bank) has received permission from the stock market regulator SEBI to carry out an IPO. Headquartered in Varanasi, the bank plans to raise Rs 500 crore through an IPO. New shares will be for sale in this Small Finance Bank IPO (Utkarsh Small Finance Bank IPO). Apart from this, the bank is likely to consider issuing bonds of up to Rs 100 crore in the pre-IPO placement round. This will reduce the size of the IPO.

Submission of documents in 2021
Earlier, Utkarsh Small Finance Bank (Utkarsh Small Finance Bank) had submitted documents for IPO in March 2021. Following this, SEBI had allowed the bank to bring up the IPO till June 2021. But the bank did not bring the IPO due to various reasons. Subsequently, in the documents submitted in August 2022, the bank reduced the size of the IPO and submitted documents to SEBI.

FD interest rate hiked
Recently, Utkarsh Small Finance Bank has decided to increase the interest rates on Fixed Deposits (FD). The bank’s new rates have been implemented from October 17. The rate has been increased on FDs below Rs 2 crore. The bank is offering interest rates of 4.00 percent to 7.75 percent on FDs of 7 days to 10 years to its general customers. At the same time, the bank is offering interest rates ranging from 4.75 percent to 8.59 percent to senior citizens. The bank has taken this decision after the Reserve Bank increased the repo rate for the fourth time in a row.

Expansion in 22 states
Utkarsh Small Finance Bank was established in 2016 and started operations in 2017. As of March 2022, the bank’s business is spread across 22 states and union territories. The bank has 686 branches across the country and most of its customers are in rural and urban areas of Bihar, Uttar Pradesh and Jharkhand.