Utkarsh Small Finance Bank Limited has made an issuance of its equity shares through a rights issue aggregating to ₹950 crore.
CMS INDUSLAW advised Utkarsh Small Finance Bank on this rights issue.
The transaction team was led by Kaushik Mukherjee (Partner), with support from Anupam Chaudhary (Principal Associate), Anumeha Agrawal (Senior Associate) and Riya Sethia (Associate).
Lokesh Shah (Partner), Gaurav Goyal (Principal Associate) and Aarya Jha (Associate) advised on tax law aspects.
Utkarsh Small Finance Bank Limited is engaged in providing banking and financial services with a focus on providing microfinance to the rural and semi-urban locations of the country.
This is one of the first rights issue in the market to utilize the specific investor route (as renounces to the promoters) as enabled by SEBI in its amendments earlier this year. The transaction is one of its kind and is exploring the new fund-raising structure.
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