Ujjivan Financial Services closes IPO of Equity shares worth Rs. 8824.96 million

Luthra & Luthra Law Offices (L&L) advised Kotak Mahindra Capital Company, Axis Capital, ICICI Securities and IIFL Holdings, in recently concluded Initial Public Offering (IPO) of equity shares of Ujjivan Financial Services Limited, a giant microfinance institution in India and among the 10 Indian entities to receive in-principle approval from the RBI to set up a Small Finance Bank.

The financial details of the deal is valued at Rs. 8824.96 million and the issue consisted of a fresh issuance of equity shares by the Company and an offer for sale of equity shares by existing private equity investors - Elevar, IFC, IFIF, MUC, FMO, Sarva Capital, Wolfensohn and Women’s World Bank.

On May 2, 2016, issue was closed, being subscribed nearly 41 times and the equity shares were listed on May 10, 2016.

Luthra & Luthra Law Offices team comprised Partners Manan Lahoty & Geeta Dhania, Senior Associate Aashima Johur and Associates Abhyuday Bhotika, Anshu Bansal & Sanjana Tikkoo.

In the issue, Cyril Amarchand Mangaldas acted as legal counsel to the company and AZB & Partners acted as legal counsel to the selling shareholders.