Fino Payments Bank plans Rs 300-cr IPO by Oct 04/06/2018

Fino Payments Bank plans Rs 300-cr IPO by Oct
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Fino Payments Bank is looking to raise up to Rs 300 crore through a share sale by October, a top official has said as per the PTI report. "We should raise Rs 300 crore by September-October," managing director and chief executive Rishi Gupta told reporters here. He said the share sale will consist of both fresh issue of shares and offer for sale by promoters, and the proceeds will be used for business expansion, technology and marketing, and a secondary deal where existing investors will dilute thier stakes. The bank, which has ICICI Bank, IFC and the state-run oil marketeer BPCL among others as shareholders, is in the final stages of appointing merchant bankers for the share sale, he said. It is targeting to increase the number of branches by 100 during the fiscal in addition to the current 422, he said. The bank also launched four new products, including a UPI platform, highway toll payment product, net banking service and a digitally opened savings account. It is also planning to rollout 10,000 micro-ATMs, he said.

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