Suryoday SFB promoter Baskar Babu dilutes stake; sell shares for Rs 55 cr
He had availed loan to exercise warrants and enable maintaining the total promoter's stake at a minimum of 26 per cent during the first 5 years of operations that ended in January 2022 as per the RBI regulations, it said.
By PTI | Updated:
BCCL
Suryoday Small Finance Bank (SFB) on Friday said its promoter entity Baskar Babu Ramachandran has sold 50 lakh shares for Rs 55.44 crore to close a loan availed by him. Post this transaction, the total promoter group holding would stand at 23.30 per cent and Ramachandran's individual holding would come down to 5.94 per cent, Suryoday SFB said in a filing.
He had availed loan to exercise warrants and enable maintaining the total promoter's stake at a minimum of 26 per cent during the first 5 years of operations that ended in January 2022 as per the RBI regulations, it said.
The bank is on a good path, and he looks forward to taking the bank to greater heights with a continued focus on financial inclusion and build a highly respectable financial services institution that is known for customer service, transparency and governance, it said quoted letter by Ramachandran.
He had availed loan to exercise warrants and enable maintaining the total promoter's stake at a minimum of 26 per cent during the first 5 years of operations that ended in January 2022 as per the RBI regulations, it said.
The bank is on a good path, and he looks forward to taking the bank to greater heights with a continued focus on financial inclusion and build a highly respectable financial services institution that is known for customer service, transparency and governance, it said quoted letter by Ramachandran.
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