Mumbai, Sep 16 (IANS): Ujjivan SFB concludes Rs 475 crore of equity fundraise via Qualified Institutional Placement (QIP) mode.

The Bank's Board of Directors approved the allotment of 22,61,90,476 Equity Shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 21 per Equity Share, including a premium of Rs 11 per Equity Share.

The issue price reflects a discount of Rs 0.93 per Equity Share i.e. 4.24 per cent on the Floor Price of Rs 21.93 per Equity Share, aggregating to approximately Rs 475.00 crore.

"With the recent sub-debt issuance and this equity infusion, the Bank is on its track to meet its growth guidance for the year. The sustained improvement in collections and asset quality augurs well with the growth. Our focus is on growing sustainably and profitably," said Ittira Davis, MD & CEO of Ujjivan SFB.

The issue generated significant interest from quality long-term investors like ICICI Prudential Life Insurance, Max Life Insurance, Aditya Birla Sunlife Mutual Fund, HDFC Life, Bajaj Allianz Life, and many more.

Pursuant to the said allotment of Equity Shares, the paid-up equity shares capital of the Bank stands increased to Rs 19,54,50,46,810 comprising of 1,95,45,04,681 Equity Shares.