SEBI returned draft scheme and the company is advised to re-submit the same after ensuring compliance with the provisions mentioned in the SEBI circular.

Share price of Equitas Holdings tumbled over 16 percent on September 16 after market regulator Securities and Exchange Board of India (SEBI) returned the company’s draft scheme.

The company had filled Draft Scheme of Arrangement between Equitas Holdings (EHL) and Equitas Small Finance Bank (ESFBL) and other documents.

SEBI returned draft scheme and the company is advised to re-submit the same after ensuring compliance with the provisions mentioned in the SEBI circular.

“The draft scheme is not in compliance with clause 111(A)(1)(a) of Annexure I of the said circular. SEBI has returned the draft scheme and the company is advised to re-submit the same after ensuring compliance with the provisions mentioned in the SEBI circular,” company said in release.

ESFBL will initiate necessary steps to list its shares through Initial Public Offer (IPO) which is expected to be completed by March 2020 under normal circumstances.

At 0936 hrs, Equitas Holdings was quoting at Rs 99.45, down Rs 17.65, or 15.07 percent on the BSE.

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