Jana Holdings, the promoter of Jana Small Finance Bank (JSFB), will be looking to lower its stake to just below 10% from the 17% ownership at present to meet its payment obligations to bondholders such as TPG Asia, which is also it’s one of owners.
The holding company will also seek to give up its “promoter” status after the shareholding comes below 10%, people familiar with the matter said.
At Tuesday’s closing price of Rs 467 a piece on the National Stock Exchange (NSE), Jana Small Finance has a market capitalization just under Rs 5,000 crore.
Jana Holdings (JHL) is a wholly owned subsidiary of Jana Capital (JCL). Both JHL and JCL on Tuesday received approvals from the Bombay Stock Exchange (BSE) for a cumulative Rs 1663-crore debt restructuring and extension of the payment deadline to bondholders to December 31, 2026, from June 30, 2026.
Last week on June 21, TPG Asia, in its capacity as one of the debenture holders of both JHL and JCL, wrote to BSE that it was evaluating a potential extension of the maturity. ET reviewed a copy of that letter.
Caladium Investment Pte, which is owned by Singapore’s sovereign wealth fund GIC, is also said to have written a similar letter. However, no confirmation on this was immediately available.
Both TPG Asia and Caladium hold 19.99% each in Jana Capital.
In the letter to BSE, TPG mentioned that Jana Holdings would repay the bondholders by selling a part of its equity in the listed Jana Small Finance Bank.
“We understand that the aforesaid approach is acceptable to JHL and that once JHL ceases to hold more than 9.99% of the share capital of JSFB, JHL will seek to reclassify itself such that it does not identify as being within the ‘promoter group’ of JSFB, subject to regulatory approvals,” TPG Asia said in the letter.
Jana Holdings had 21.85% ownership in Jana Bank at the end of March 31, 2026. It sold 4.9% to TVS Motor a month ago for Rs 193 crore. It was looking for a few more strategic buyers before the end of June but no deal could materialise, resulting in a payment failure to bondholders on the due date as per the initial terms and conditions, people familiar with the matter said.
Source: Economic Times