Equitas Holdings has sold an additional 4% shares to Franklin Templeton Mutual Fund, as part of the exercise to pare its foreign shareholding to be able to set up a small finance bank.
The Chennai-based Equitas Holdings is one of the 10 entities to get an in-principle approval from the Reserve Bank of India (RBI) in September 2015 to set up small finance banks.
In a regulatory filing on Monday, the company said it has sold an additional 4.08% (equivalent to 13,700,000 equity shares) to Franklin Templeton Mutual Fund. With this, the shareholding of Franklin Templeton Mutual Fund will go up to 7.87% (26,390,240 shares) in Equitas, from 3.78% earlier, the company said.
