By PTI Oct 30, 2021 7:23:06 PM IST (Published)
Ujjivan Financial Services Ltd (Ujjivan) on Saturday said its board has approved amalgamation of the company with its subsidiary Ujjivan Small Finance Bank (UFB) in order to comply with the SEBI's minimum public shareholding norms.
Ujjivan Financial Services Ltd (Ujjivan) on Saturday said its board has approved amalgamation of the company with its subsidiary Ujjivan Small Finance Bank (UFB) in order to comply with the Securities and Exchange Board of India's (SEBI) minimum public shareholding norms.
The decision was taken based on the recommendation of the audit committee and committee of independent directors in a meeting held on Saturday, Ujjivan said in a regulatory filing.
As per the scheme of amalgamation, Ujjivan Financial Services (transferor company) will be merged with Ujjivan Small Finance Bank (transferee company), and the dissolution is to be without the winding-up of the transferor company. The amalgamation is subject to approval from the Reserve Bank of India (RBI), capital markets regulator SEBI, public shareholders of the companies involved, as well as the National Company Law Tribunal (NCLT).