The promoter holding in CreditAccess Grameen will come down to 80 percent after the Initial Public Offering, said Udaya Kumar Hebbar, MD & CEO of the company.

Bengaluru based microfinance institution's IPO opens on Wednesday.

The primary issue is Rs 630 crore which is going to the company and Rs 501 crore is promoter diluting which is about 9 percent of the current holding, said Hebbar.

"So the total IPO size is Rs 1,130 crore," he said.

With the capital raising, the capital adequacy ratio will rise to 38 percent, he added.

“Karnataka and Maharashtra have been our key market. We started our operation in Karnataka in 1999. We kept on growing there and then stepped into Maharashtra and as of now we are operating in eight states and one union territory,” he Hebbar said on company's growth.