Tuesday , 17 September 2019
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Ujjivan Small Finance Bank files draft papers for ₹1,200 crore IPO

The bank is proposing to undertake an initial public offering of equity shares of face value of  ₹10 each. ( iStock )

NEW DELHI: Ujjivan Small Finance Bank has filed draft prospectus for 1,200 crore initial public offer with market regulator Securities and Exchange Board of India (Sebi).

The bank is proposing to undertake an initial public offering of equity shares of face value of 10 each, comprising a fresh issue of shares aggregating up to 12,000 million ( 1,200 crore) in accordance with the Companies Act, 2013, Ujjivan Financial Services said in a regulatory filing.

Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank.

The proposed issue includes a reservation of equity shares aggregating up to around 120 crore for subscription by eligible Ujjivan Financial shareholders, it said.

The proceeds of the issue will be utilised towards augmenting the company’s capital base to meet future requirements.

The issue is subject to receipt of requisite regulatory approvals, market conditions and other considerations, it added.

Ujjivan Financial Services in February had raised 300 crore from a clutch of investors, including HDFC Life and Sundaram MF, in a pre-IPO placement.

The funding values the company at around 2,000 crore.

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