India: CDC Group sells part of Ujjivan Financial Services stake for $33m

Photo: Mint

CDC Group Plc, the development finance institution owned by the UK government, on Wednesday sold a part of its stake in Ujjivan Financial Services Ltd for around Rs212 crore, data from stock exchanges shows.

The shares were sold in a bulk deal at Rs360 apiece.

CDC sold a total of 5.9 million shares of the lending firm, bringing down its shareholding in the company to 1.91% from 6.84% at the quarter ended 30 June.

CDC started selling its stake in Ujjivan in the second quarter of the current calendar year, after the 12-month post-IPO lock-in on its shareholding ended in May this year.

On 19 May, CDC sold a total of 2.75 million shares worth approximately Rs99 crore at a price of Rs360 apiece.

CDC invested in Ujjivan in 2015.

Since it’s initial public offering in May last year, the stock has gained 70.5% from its issue price, to close at Rs358.15 on Wednesday.

Shares of Ujjivan on Wednesday closed 10.2% higher, its biggest gain in the past eleven months after its subsidiary was given a scheduled bank status.

The Reserve Bank of India (RBI) has granted a scheduled bank status to its subsidiary Ujjivan Small Finance Bank Ltd, according to a filing on exchanges.

Ujjivan Small Finance Bank commenced its operations from February 2017 and it has 65 full-fledged brick and mortar branches operating in eight states and two union territories.

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This article was first published on LiveMint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.