The Extraordinary General Meeting (EGM) of the members of Suryoday Small Finance Bank Limited is scheduled to be held on Monday, July 27, 2020, at 3.30 p.m.through Video Conferencing (“VC”).
The following business activities will be discussed in the EGM.
1. To approve the Initial Public Offer of Equity Shares of the Bank.
2. To approve an increase in the authorized share capital of the Bank.
3. To approve alteration of the Capital Clause of Memorandum of Association of the Bank.
4. To approve the amendment of the Suryoday ESOP Scheme-2019.
5. To approve the re-appointment of Mr. Ramachandran Rajaraman (DIN 01953653) as an Independent Director of the Bank.
The most important business activity as far as the unlisted market is concerned is the announcement of the IPO.
Mandatory condition of IPO
In terms of the Guidelines for Licensing of Small Finance Banks in the Private Sector dated November 27, 2014, the Bank is required to list its equity shares on the stock exchanges within three years from attaining a net worth of ₹500 crores i.e. before November 30, 2020, or such other date as may be approved by the Reserve Bank of India.
The IPO would be a mix of Fresh shares and OFS.