ESAF Small Finance Bank Ltd said it has received a communication from the Reserve Bank of India (RBI) stating that the acquisition of shares by Dia Vikas Capital Pvt Ltd, under a proposed scheme of arrangement, in excess of 5% of the bank’s paid-up share capital “cannot be acceded to.”

The bank clarified that while it is not a party to the scheme, the proposal involved a significant change in promoter shareholding.

Accordingly, the update has been disclosed as a material development under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Following the RBI’s decision, the promoter company’s board, in consultation with the concerned shareholders, is evaluating the implications and considering alternative options to ensure compliance with the RBI Bank Ownership

See Full Page