{"id":25712,"date":"2022-02-23T21:52:20","date_gmt":"2022-02-23T16:22:20","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ujjivan-bank\/"},"modified":"2022-02-23T22:19:56","modified_gmt":"2022-02-23T16:49:56","slug":"biz-ujjivan-bank","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ujjivan-bank\/","title":{"rendered":"Ujjivan SFB seeks shareholders&#8217; nod to raise Rs 600 cr"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4227414107\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>       New Delhi, Feb 23 (PTI) Ujjivan Small Finance Bank (SFB) on Wednesday said it will seek shareholders&#8217; approval to raise up to Rs 600 crore as equity capital by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent company.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2567761291\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Besides, the lender will seek approval of shareholders for appointment and re-categorisation of Sudha Suresh as an Independent Director of the bank from the next fiscal year, according to a regulatory filing.<\/p>\n<p> She was appointed as a Director (Non-executive, Non-Independent) from August 20, 2021 for three years.<\/p>\n<p> An amalgamation scheme between the bank and its promoter Ujjivan Financial Services Ltd (USFL) was passed by their respective boards of directors, shareholders and creditors in October 2021.<\/p><div class=\"trade-content_5\" id=\"trade-2248958990\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The bank has already sought Sebi nod for a scheme of amalgamation to achieve the Minimum Public Shareholding (MPS).<\/p>\n<p> Ujjivan SFB said its board in a meeting held earlier this month evaluated various methods to achieve the MPS by reducing USFL&#8217;s holding in the bank from the present 83.32 per cent to 75 per cent or lower.<\/p>\n<p> &#8220;After deliberations, the board approved the option to carry out a Qualified Institutions Placement (QIP) in terms of the SEBI ICDR Regulations to the extent necessary to achieve the MPS norms, provided the total issue proceeds shall not exceed Rs 600 crore,&#8221; Ujjivan SFB said in the filing.<\/p>\n<p> The bank said it is in a growth trajectory with increasing credit demand in the economy.<\/p>\n<p> &#8220;The aforesaid issuance of capital would enable the bank to take appropriate advantage of this growth opportunity. The issue\/allotment of equity shares may be consummated in one or more tranches at such time or times and at such price, whether at a discount or premium to market price,&#8221; it added. PTI KPM  RAM<\/p>\n<div class=\"trade-after-content\" id=\"trade-193521521\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Feb 23 (PTI) Ujjivan Small Finance Bank (SFB) on Wednesday said it will seek shareholders&#8217; approval to raise up to Rs 600 crore as equity capital by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent company. Besides, the lender will seek approval of [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-25712","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ujjivan SFB seeks shareholders&#039; nod to raise Rs 600 cr - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ujjivan-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ujjivan SFB seeks shareholders&#039; nod to raise Rs 600 cr\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Feb 23 (PTI) Ujjivan Small Finance Bank (SFB) on Wednesday said it will seek shareholders&#8217; approval to raise up to Rs 600 crore as equity capital by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent company. 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