Ujjivan Small finance bank has received SEBI approval to raise ₹ 1200 Cr through initial public offer.
The bank is a subsidiary of “Ujjivan Financial services”.
The proposed issue includes reservation of equity shares aggregating upto around 10% i.e. ₹ 120 Cr. for subscription by eligible shareholders of Ujjivan Financial services
Ujjivan Financial Services had raised ₹ 300 crore in February from a clutch of investors, including HDFC Life and Sundaram MF, in a pre-IPO placement. The funding valued the company at around ₹ 2,000 crore.
Its peer company is AU Small finance bank.
The proceeds of the issue will be utilized towards augmenting the company’s capital base to meet future requirements.
Bank has made some changes in its management in beginning of this year, with incoming Mr. Nitin chugh head of HDFC bank’s digital banking as its CEO and Flipkart founder Mr. Sachin bansal as its independent director.
We expect Issue to bank in market in beginning of November.
Registered Office of company : Grape Garden, 3rd A Cross, 18th Main, 6th Block, Koramangala, Bengaluru – 560095, Karnataka