Ujjivan SFB concludes Rs 475 crore of equity fundraise via Qualified Institutional Placement ("QIP") mode. The issue was launched on 12th September 2022 and intimated to exchanges on the same evening.
The Bank's Board of Directors approved the allotment of 22,61,90,476 Equity Shares of face value ₹10 each to eligible qualified institutional buyers at the issue price of ₹21 per Equity Share (including a premium of ₹ 11 per Equity Share). The issue price reflects a discount of ₹ 0.93 per Equity Share (i.e. 4.24% on the Floor Price of ₹ 21.93 per Equity Share, aggregating to approximately ₹475.00 crore.
The issue generated significant interest from quality long-term investors like ICICI Prudential Life Insurance, Max Life Insurance, Aditya Birla Sunlife Mutual Fund, HDFC Life, Bajaj Allianz Life, and many more.
Pursuant to the said allotment of Equity Shares, the paid-up equity shares capital of the Bank stands increased to ₹ 19,54,50,46,810 comprising of 1,95,45,04,681 Equity Shares.
On the event, Mr. Ittira Davis, MD & CEO of Ujjivan SFB commented "I am pleased and encouraged with the successful QIP as this underlines investor confidence in our efforts that we have put over the last twelve months. With the recent sub-debt issuance and this equity infusion, the Bank is on its track to meet its growth guidance for the year. The sustained improvement in collections and asset quality augurs well with the growth. Our focus is on growing sustainably and profitably."