Equitas Small Finance Bank ( Equitas SFB) is currently the top loser on the BSE, going down almost 12.5% to an intraday high at Rs.63.81on the back of more than 1.5x rise in volumes.
The stock fell as 79 crore new shares got listed; this is after the scheme of amalgamation wherein Equitas Holding was merged into Equitas SFB.
93 crore shares of Equitas SFB have been cancelled on account of cross holding which were held by Equitas Holdings Limited in Equitas SFB.
The bank for very long has evinced its interest in procuring a universal banking license and recently in a TN interview said that it remains in touch with RBI regarding the same. The completion of the reverse amalgamation is now expected to hasten the process.
The bank had ended Q3FY23 with a 57% (YoY) rise in net profit at Rs.170 crore while NII rose 20% at Rs.647 crore.