Ujjivan SFB to raise Rs 409 crore from IFC, three insurers
AgenciesUjjivan Small Finance Bank plans a Rs 409 crore equity raise as quarterly profit triples, supported by stronger net interest income and margins.
IFC is likely to invest Rs 249 crore while the balance will be put in by Bajaj Life Insurance Co, Aditya Birla Sun Life Insurance Co and HDFC Life Insurance Co, Ujjivan said in a stock exchange filing.
The bank will privately place up to 6.32 crore equity shares at Rs 64.73, including a premium of Rs 54.73 each over face value of Rs 10, it said. The board approved the execution of the subscription agreement with IFC.
Meanwhile, Ujjivan reported a 200% surge in second quarter net profit at Rs 365 crore, riding on a 35% rise in net interest income at Rs 1,244 crore.
Its net interest margin was at at 8.4%, up 55 basis points year-on-year.