UFSL is a core holding company of Ujjivan SFB, holding 73.68 per cent stake. Ujjivan SFB is a mass market focused bank in India, catering to financially unserved and underserved segments, and committed to building financial inclusion in the country.
Meanwhile, the Bank has initiated the process of reverse-merger with its Holding Company to meet the above mentioned criteria. To this effect, the Boards of both the Bank and Holding Company have approved the scheme for amalgamation in its meeting dated October 30, 2021.
“Subsequent to the successful completion of the QIP last month, the Bank will seek various regulatory approvals from RBI, SEBI and stock exchanges, National Company Law Tribunal (NCLT), shareholders and creditors in the next few months. Post receipt of all regulatory approvals, the Bank will initiate processes relating to finalization of record date, approval from Registrar of Companies (ROC), issue of shares etc. to effect the merger. The entire process is expected to be completed within a time-frame of 12-14 months from the date of completion of QIP,” Ujjivan SFB had said in its FY22 annual report.
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