AU Small Finance Bank soars after applying for voluntary transition from Small Finance Bank to Universal Bank
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AU Small Finance Bank is currently trading at Rs. 683.55, up by 9.10 points or 1.35% from its previous closing of Rs. 674.45 on the BSE.
The scrip opened at Rs. 682.50 and has touched a high and low of Rs. 686.40 and Rs. 671.05 respectively. So far 99518 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 813.00 on 08-Jan-2024 and a 52 week low of Rs. 554.00 on 20-Mar-2024.
Last one week high and low of the scrip stood at Rs. 694.60 and Rs. 629.95 respectively. The current market cap of the company is Rs. 50675.45 crore.
The promoters holding in the company stood at 22.92%, while Institutions and Non-Institutions held 58.02% and 19.06% respectively.
AU Small Finance Bank has submitted an application to the Reserve Bank of India (RBI) to seek approval for voluntary transition from a Small Finance Bank to Universal Bank on September 03, 2024. This is a significant step for the bank, potentially expanding its reach and services.
The eligibility criteria for a small finance bank to transition into a universal bank is that it must have a satisfactory track record of performance for at least five years, should be listed on stock exchanges, and should have a minimum net worth of Rs 1,000 crore.
AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused nonbanking finance company (NBFC), which primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.
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