Ujjivan Small Finance Bank Hits 52-Week High in Volatile Market; What’s Driving The Stock
Ujjivan Small Finance Bank is a core holding company of Ujjivan SFB, holding a 73.68 percent stake. Ujjivan SFB is a mass market-focused bank in India, catering to financially unserved and underserved segments, and is committed to building financial inclusion in the country.
Meanwhile, the Bank has initiated the process of reverse-merger with its Holding Company to meet the above-mentioned criteria. To this effect, the Boards of both the Bank and Holding Company have approved the scheme for amalgamation in its meeting dated October 30, 2021.
“Subsequent to the successful completion of the QIP last month, the Bank will seek various regulatory approvals from RBI, SEBI and stock exchanges, National Company Law Tribunal (NCLT), shareholders, and creditors in the next few months. Post receipt of all regulatory approvals, the Bank will initiate processes relating to the finalization of the record date, approval from the Registrar of Companies (ROC), issue of shares, etc. to effect the merger. The entire process is expected to be completed within a time-frame of 12-14 months from the date of completion of QIP,” Ujjivan
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