Ujjivan SFB plans Rs 409 crore raise from IFC, insurers

Ujjivan Small Finance Bank plans to raise Rs 409 crore by issuing shares through a preferential allotment to IFC and three insurers at Rs 64.73 apiece, Economic Times Markets reported.

The proposed fundraising comes as the bank reported second-quarter net profit of Rs 365 crore, up 200% from a year earlier. The report linked the tripling of profit to stronger net interest income and margins.

The supplied report does not identify the three insurers or specify the allotment timetable, approval status or intended use of the proceeds. The equity raise remains a proposed transaction, rather than a completed capital infusion.