India: IPO-bound Ujjivan SFB seeks more time to reduce promoter shareholding

Samit Ghosh, founder and managing director, Ujjivan Financial Services. Photo: Mint

Ujjivan Small Finance Bank, which is set to launch its initial public offering (IPO) next week, is seeking an extension from the Reserve Bank of India to bring down its promoter shareholding, bank officials said. The bank will start discussions with the regulator once the listing is over.

“Within five years, we have to reduce the shareholding to 40%. We will take it up with RBI. If they still insist that we have to reduce to 40% within five years, then we will look at OFS (offer for sale) or acquisition one year after this IPO,” Samit Ghosh, managing director & chief executive officer, told reporters.

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