ESAF Small Finance Bank has raised Rs 135.15 crore from 11 anchor investors on 2 November, ahead of the opening of its public issue.

The Kerala-headquartered small finance bank allocated 2,25,24,998 equity shares at Rs 60 per share to anchor investors. This is at the upper end of the IPO price band. The lower end is at Rs 57 per equity share of face value of Rs 10.

The investors include ACM Global Fund VCC, Founders Collective Fund, Kotak Mahindra Life Insurance, SBI General Life Insurance, Edelweiss Tokyo Life Insurance, ICICI Prudential Life Insurance, Ananta Capital Ventures Fund, Astorne Capital VCC, BNP Paribas Arbitrage, Copthall Mauritius Investment and Alchemie Ventures Fund.

Kotak Mahindra Life Insurance Company and ACM Global Fund VCC bought Rs 20.05 crore shares each in the small finance bank, while Edelweiss Tokio Life Insurance Company acquired more than Rs 20 crore shares through its four schemes.

ESAF aims to raise Rs 463 crore from the initial public offering (IPO) at the upper end of the price band.

The public issue comprises a fresh issue of Rs 390.7 crore worth of shares and an offer-for-sale (OFS) of Rs 72.3 crore shares by three selling shareholders - ESAF Financial Holding, PNB Metlife India Insurance Company and Bajaj Allianz Life Insurance Company.

The issue opens on 3 November and closes on 7 November.

The proceeds of the issue will be utilised for augmenting the bank's Tier – I capital base to meet the future capital requirements and for increasing business, which is primarily onward lending.