Utkarsh Small Finance Bank board to meet on 26 February to consider issuance of shares

FINANCE

Utkarsh Small Finance Bank board to meet on 26 February to consider issuance of shares

AIMPWA

February 28, 2025

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The Utkarsh Small Finance Bank board will meet on February 26 to consider a proposal for issuance of equity shares.

The board would convene an extraordinary general meeting/ postal ballot process to seek shareholder approval for the same.

The Varanasi-headquartered bank first tapped the equity market in July 2023, when it raised ₹500 crore by way of issue of 20 crore equity shares. These shares got listed on the BSE and NSE on July 21, 2023.

The bank slipped into the red in the third quarter, posting a net loss of ₹168 crore against a net profit of ₹116 crore in the year-ago quarter.

During the reporting quarter, the gross non-performing loans of the bank rose by ₹458 crore to stand at ₹1,177 crore as at December-end 2024.

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