Ujjivan Small Finance Bank plans to raise ?300 crore via pre-IPO placement

Ujjivan Small Finance Bank

New Delhi: Ujjivan Small Finance Bank, which filed draft papers for initial public offer (IPO) last week, is looking to raise ?300 crore from pre-IPO placement.

The lender plans to mop up ?1,200 crore through the initial public offer.

According to the draft red herring prospectus (DRHP) filed with markets regulator Sebi, the bank may, in consultation with the book running lead managers (BRLMs), consider a pre-issue placement of shares worth up to ?300 crore, the lender said in a statement.

The pre-IPO placement, if undertaken, will be at a price to be decided by the bank in consultation with the BRLMs and will be undertaken prior to filing of the DRHP with the RoC, it said.

“If the pre-IPO placement is undertaken, the amount raised will be reduced from the issue, subject to the minimum issue size constituting at least 10% of the post-issue paid-up equity share capital of Ujjivan Small Finance Bank,” it said.

Quoting the DRHP, it said, the company seeks to raise ?1,200 crore, including reservation of equity shares of up to ?120 crore by eligible shareholders.

The equity shares being offered are at a face value of ?10 each, it added.

This story has been published from a wire agency feed without modifications to the text.

News Source: livemint.com

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