Equitas SFB rises 4% on RBI nod to reappointment of MD & CEO

NEW DELHI: Shares of Equitas Small Finance Bank zoomed nearly 4 per cent to Rs 40.2 in Thursday’s early trade after the company said the Reserve Bank of India (RBI) approved its proposal to reappoint MD and CEO Vasudevan P N for a year.

"We wish to inform that pursuant to the bank's application vide its letter dated May 23, 2022, RBI vide its letter dated June 15, 2022 has approved the proposal to reappoint Vasudevan P N as the Managing Director & Chief Executive Officer (MD &CEO) of the bank, for a period of one year with effect from July 23, 2022," it said in a regulatory filing.

At 10:30, the scrip traded flat at Rs 38.6 as against its previous close of Rs 38.6.


Earlier in May this year, ESFB founder and CEO Vasudevan P N had asked the lender to look for his successor as he wanted to step down to pursue "a distinct set of goals".

He is also the Managing Director of Equitas, which began as a micro finance institution in 2007 and was later converted into bank in 2016.

Equitas Small Finance Bank is a smallcap company with a market cap of Rs 4,833 crore.