No immediate option – dual listing required:
Equitas Holdings did not get approval from RBI for extension of timeline (deadline was September 4, 2019) for listing of Equitas Small Finance Bank (ESFB). This is a key overhang on the stock and reason for significant underperformance (stock down ~20% in last 3 months).
We believe Equitas though looking at various alternatives to protect the interest of existing shareholders will have limited choice in the immediate term but to list the SFB. Dual listing has already impacted the valuations of the existing listed company (holding company discount). We like the core business but ...
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