Ujjivan Small Finance Bank's initial public offering (IPO) is expected on December 2 to be made available for subscription.
In the current 2019–20 financial year, this would be the 12th company to start the IPO mainboard. On 4 December the matter will stop.
Approval by the Reserve Bank of India (RBI) to form a small financial bank on 7 October 2015 was granted in principle to Ujjivan Financial Services (UFSL), after which Ujjivan Small Finance Bank Limited became a wholly-owned subsidiary.
As of September 30, 2019, the Bank continued to concentrate on borrowing its 6.75 % of the total deposits of micro-banking customers with deposits from its micro-banking client(s).
Included was the allocation of Rs 75 crore worth of Ujjivan Financial Services stock to the subscription of qualifying investors. The company launched the IPO with a price range of Rs 36-37 per share, which corresponds to Rs 26-27 above the face value of Rs 10 each. The minimum lot bid is 400 equity stocks and in more than 400 equity shares. They receive a discount of Rs 2 apiece.
A proponent of the company, Ujjivan Financial Services (UFSL), holds 1,44,00,36,800 shares (94,40% of the shareholder capital) (UFSL). The shareholders were each held on behalf of UFSL, who is the beneficial owner of the shareholdings of Samit Kumar Ghosh (Carol Furtado), Sudha Suresh, Rajat Singh, Ittira Davis, and Premkumar G.
Samit Kumar Ghosh is the Executive Director and the Chief Executive Officer and part-time Chairman and Independent Director are Sunil Vinayak Patel.
Sachin Bansal, Biswamohan Mahapatra, Prabal Kumar Sen, Nandlal Laxminarayan Sarda, Vandana Viswanathan, Mahadev Lakshminarayanan and Luis Miranda are autonomous Directors. Jayanta Kumar Basu and Mona Kashhwaha are non-executive directors, while Chitra Kartikel Alai is a non-executive candidate.
It is a customer-centric organization with multiple delivery channels and has a presence throughout India, offering services in 24 states and Union territories in India with a total number of 232 districts from September 2019. The banking system offers a wide range of services to the public.
It offers an advanced digital platform technology-driven business model. It establishes a robust risk management framework for credit, market, liquidity, IT and operating risk identification, measurement, monitoring, and management.
Tags : Ujjivan Small Finance Bank, deposits , micro-banking, non-executive directors,