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Securities Exchange Board of India SEBI, vide its letter dated December 02, 2021 has acceded to the joint request regarding Scheme of Amalgamation from Ujjivan Financial Services Limited and Ujjivan Small Finance Bank Limited to relax the three-year minimum promoter lock-in requirements in the Bank, to implement the Scheme soon after receiving final NCLT approval.
The aforesaid SEBI Letter indicates that the exemption is subject to the following:
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The exemption is subject to NOC to be obtained from the exchanges on the Scheme of Amalgamation (excluding upon lock-in provisions) and final approval thereof by NCLT. -
The exemption is granted from lock-in is only for the period commencing after approval of the proposed scheme of amalgamation by NCLT and till expiry of the lock in period.
Further, as advised by SEBI, the Bank is expected to initiate necessary steps to ensure compliance with Minimum Public Shareholding requirements as per the manners advised through SEBI circulars before the Company and the Bank proceed with the filing of the scheme documents with the exchanges.
Ujjivan Financial Services Limited Board in its meeting held on October 30, 2021, had approved the Scheme of Amalgamation with Ujjivan Small Finance Bank Limited and their respective shareholders and creditors.
Accordingly, the Company and the Bank had submitted a joint application to Securities Exchange Board of India (SEBI) on November 01, 2021 seeking approval/exemption from SEBI on the following:
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To relax three-year minimum promoter lock in requirements in the Bank under Regulation 16(1)(a) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 to the extent required to implement the Scheme of Amalgamation. -
For adopting proposed scheme of amalgamation as a method to achieve Minimum Public Shareholding by the Bank.
During early trade on Friday, Ujjivan Financial Services Ltd was trading at Rs139.30 per piece up by Rs3.15 or 2.31% from its previous closing of Rs136.15 per piece on the BSE. Ujjivan Small Finance Bank Limited was trading at Rs19.40 per piece up Rs0.80 or 4.30% on the BSE.
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