Ujjivan SFB launches QIP at floor price of Rs 21.93 ahead of merger

Ujjivan Small Finance Bank (SFB) on Monday launched its QIP (Qualified Institutional Placement) with a floor price of Rs 21.93 per share to meet the regulatory requirement ahead of merger with its parent company.

In February this year, the lender had informed raising of up to Rs 600 crore by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent firm Ujjivan Financial Services.

The Merger and Placement Committee of the board has, at its meeting held on September 12, 2022, passed resolutions for authorising the opening of the issue today and approved the floor price for the issue at Rs 21.93 per equity share, Ujjivan SFB said in a regulatory filing.

Floor price refers to the minimum price in a share issuance programme.

Ujjivan SFB said a meeting of the Merger and Placement Committee of the board is scheduled to be held on September 15, 2022 to consider and approve the issue price, including any discount.

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