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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Augmentation of Tier-I capital base
Net proceeds from the fresh issue are to be used to strengthen the bank's Tier-I capital base to support future growth in loans, advances and investments while maintaining regulatory capital adequacy norms prescribed by the RBI.
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(₹ in Crore)
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ESAF Small Finance Bank Limited is a scheduled small finance bank in India that focuses on serving unbanked and underbanked customers across rural and semi-urban areas. Its core offering is microfinance style lending, complemented by retail loans, MSME loans and agricultural loans, alongside conventional deposit and banking products for individuals and small businesses. The bank traces its origins to a microfinance initiative that began in 1992 and was later converted into a small finance bank after receiving a banking licence from the Reserve Bank of India, with the licensed banking entity incorporated in December 2016. Headquartered in Thrissur, Kerala, the bank had built a network of roughly 700 banking outlets, several hundred customer service centres, and a large base of business correspondents and facilitators by mid 2023, spread across 21 states and union territories with several hundred ATMs, serving millions of customers. The bank is promoted by Kadambelil Paul Thomas along with ESAF Financial Holdings Private Limited and has historically drawn a large share of its lending book from microloans, with a customer base concentrated in South India, particularly Kerala and Tamil Nadu. Its growth strategy centers on deepening this financial inclusion focused lending model while gradually diversifying into MSME and agricultural credit, even as it continues to manage the asset quality and concentration risks typical of a microfinance heavy loan portfolio.
The bank raised about Rs 135 crore from anchor investors at Rs 60 per share, with 11 anchor investors participating including ACM Global Fund VCC, Founders Collective Fund, and insurance investors Kotak Mahindra Life Insurance, ICICI Prudential Life Insurance and SBI General Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 PM
Strengths are not available
Concentrated microloan exposure
A large share of the loan book is built on microloans, making earnings sensitive to stress in that segment specifically.
High share of unsecured lending
A significant portion of advances is unsecured, which raises credit risk if borrower repayment capacity weakens.
Asset quality management
Managing gross non-performing assets remains an ongoing challenge given the nature of the microfinance-heavy portfolio.
Geographic concentration
Operations are heavily concentrated in South India, particularly Kerala and Tamil Nadu, exposing the bank to regional economic and regulatory risk.
ESAF Small Finance Bank Limited
Building No. VII/83/8, ESAF Bhavan, Thrissur-Palakkad National Highway, Mannuthy, Thrissur 680651, Kerala, India
View on Maps →MUFG Intime India Private Limited
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