Ujjivan Small Finance Bank has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise Rs 1,200 crore through an Initial Public Offering (IPO).
The bank, which filed the draft red herring prospectus with the SEBI in August, got the regulator’s approval on October 16. Proceeds of the issue would be used towards augmenting the company's capital base to meet future requirements. The book running lead managers to the issue are Kotak Mahindra Capital Company, IIFL Securities and JM Financial.
Ujjivan Small Finance Bank provides financial solutions. The company offers loan for home, construction, improvement, and micro loans, as well as provides loan against property.
