Ujjivan Financial to raise Rs 175 crore on pvt placement

Ujjivan Financial Services will raise Rs 175 crore by issuing bonds on private placement basis.
"The Stakeholders Relationship Committee of the Board of the meeting held today approved the issue and allotment on a private placement basis 1,750 unsecured, redeemable, taxable non-convertible debentures bearing face value of Rs 10 lakh each aggregating to Rs 175 crore," the company said in regulatory filing.
The NCDs are proposed to be listed on BSE.
The Bengaluru-based micro finance company serves to the economically active poor who are not adequately catered by the financial institutions by providing both group and individual loans. Besides, it also provides loan services to micro and small enterprises.

In October 2015, the company was granted in-principle approval from RBI for small finance bank services.
Shares of Ujjivan Financial closed 0.22 per cent down at Rs 463.70 apiece on BSE today.