Ujjivan Small Finance Bank is looking to raise Rs 750 crore through an initial public offering, which will see the parent of the lender paring its stake to 85 percent.
Ahead of the share sale, the bank has already raised Rs 250 crore in a pre-IPO placement of 7.14 crore shares. The bank has set a price-band in the range of Rs 36- 37. The issue opens on December 2 and closes on 4.
"After the IPO, the promoters holding will be come down from 100 percent to 84-85 percent," managing director Samit Ghosh told reporters here on Wednesday.
The lender commenced operations in February 2017 and the bank will also have to bring the promoters' holding to 40 percent by 2022. But Ghosh said the bank will move the RBI for a review of this norm.
Ghosh said the bank is in discussions again with the RBI about reverse merger at the end of five years having been rejected the reverse merger plan by the central bank earlier. Ghosh added.