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    Ujjivan Small Finance Bank concludes Rs 475 crore equity fundraise via QIP

    Ujjivan Small Finance Bank concludes Rs 475 crore equity fundraise via QIP

    Ujjivan Small Finance Bank concludes Rs 475 crore equity fundraise via QIP
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    By Asmita Pant   IST (Updated)

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    The issue was launched on September 12 and concluded on September 15. The issue garnered significant interest from quality long-term investors like ICICI Prudential Life Insurance, Max Life Insurance, Aditya Birla Sunlife Mutual Fund, and HDFC Life, among others.

    Ujjivan Small Finance Bank concluded the Rs 475 crore equity fundraise via Qualified Institutional Placement (QIP) on September 15. The issue was launched on September 12.
    The stock was trading 2.18 percent lower at Rs 24.70 on BSE at the time of writing. The shares of Ujjivan SFB fell as much as 2.6 percent on Friday.
    The bank’s board have approved the allotment of 22,61,90,476 equity shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 21 per equity share. Pursuant to the allotment, the paid-up equity shares capital of the bank rose to Rs 19,54,50,46,810 comprising of 1,95,45,04,681 equity shares.
    The issue garnered significant interest from quality long-term investors like ICICI Prudential Life Insurance, Max Life Insurance, Aditya Birla Sunlife Mutual Fund, and HDFC Life, among others.
    Max Life Insurance Company was allotted 14.7 percent shares of the total issue size. ICICI Prudential Life Insurance and Aditya Birla Sun Life received 14.7 percent shares and 12.8 percent shares, respectively.
    The bank had earlier said that the proceeds would be used for augmenting the bank's tier I capital base, for GCP or any other purposes. The bank also intends to achieve the minimum public shareholding requirements under the Securities Contracts (Regulation) Rules, as amended.
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