Incorporated as Suryoday Micro Finance Private Ltd in 2008, the lender was granted a small finance bank license in 2016. A year later, it started commercial operations as per the RBI’s guidelines. As of December 31, the bank had a customer base of 14.4 lakh, with 4,770 employees and 554 banking outlets. Its lending business is spread across microfinance, commercial vehicle loans, affordable housing loans, small business loans and unsecured loans to micro, small and medium enterprises (MSMEs).
Its operations are predominantly in urban and semi-urban locations due to greater income earning capabilities and employment opportunities in such areas compared with rural regions. As of December 2020, 37.13 percent, 27.78 percent and 28.83 percent of gross advances were from metropolitan, urban and semi-urban areas (based on branch locations as classified by the RBI), respectively.
Objectives of the Issue:
The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting the Bank’s Tier-1 capital base to meet the Bank’s future capital requirements.
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