Ujjivan Small Finance Bank slips after QIP begins

13 Sep 2022 , 11:13 AM

The floor price has been fixed at Rs 21.93 per share. The bank may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue. A meeting of the merger and placement committee of the board is scheduled to be held on 15 September 2022 to approve the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue. In February this year, the lender had informed raising of up to Rs 600 crore by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent firm Ujjivan Financial Services. There is a regulatory requirement for listed entities to have 25% public holding. Ujjivans public shareholding is currently at 16.68%. As on 30 June 2022, promoter, Ujjivan Financial Services, held 83.32% in the bank. Ujjivan Small Finance Bank serves 66 lakh customers through 575 branches and 16,664 employees spread across 248 districts and 24 states and union territories in India. Ujjivan Small Finance Bank reported net profit of Rs 202.94 crore in Q1 June 2022 as against net loss of Rs 233.48 crore in Q1 June 2021. Total income rose 40% to Rs 1,000 crore in Q1 June 2022 over Q1 June 2021. Powered by Capital Market – Live News