Business
Ujjivan SFB to raise Rs 600 cr in equity; expects to report profits in Q4
Ujivan Small Finance Bank (SFB) will raise up to Rs 6,000 crore in new equity from institutional investors within three to six months to raise the public float to 25% and support business growth.
The company told the BSE that the board has approved an equity issue of up to Rs 600 crore, including a premium through a qualifying institutional placement, subject to shareholder approval.
As of the end of December 2021, its capital adequacy ratio was 19.1% and its Tier 1 capital was 17.7%.
Ittira Davis, managing director and chief executive officer of Ujjivan SFB, said regulation requires listed entities to have a 25% public shareholding. Ujivan is now around 18%. Therefore, the bank must purchase an additional 7% of the bank’s public shares. This will take place prior to the reverse merger of the originating entity and the bank.
The SFBs are publicly offered and listed on exchanges in the third quarter of fiscal 2020 in compliance with RBI regulations which require all SFBs to be listed as separate entities within three years of commencing business.
In addition to meeting regulatory requirements, the fresh capital will help grow the business over the next year or so. He said there had been little growth in the past two years after the Covid-19 pandemic hit economic activity.
As for returning to profitability after a timed loss in Q3 FY22, Davies said the way things were pointing (loan increases) the bank should be able to achieve that (reporting profits) in Q4. The loan book established in the third quarter will begin to provide earnings (interest income) in the fourth quarter. The January 2022 approach is showing good traction, and if February and March move in this direction, a turnaround will be achieved.
It narrowed its loss for the third quarter of fiscal 2022 to Rs 33.83 crore from Rs 278.33 crore in the quarter ended December 2020 (Q3Fy21) and Rs 273.39 crore in Q2Fy22.
Its total advances stood at Rs 16,463 crore in December 2021, up 21% year-on-year (Y-o-Y) and 13% quarter-on-quarter (Q-o-Q). Expenses in the third quarter were Rs 4,809 crore, up 120% year-on-year and 54% quarter-on-quarter.
The bank’s net NPA stood at 1.67% of net advances at the end of December 2021, up from 0.05% a year ago, but down from 3.29% in the September 2021 quarter.
Complete News Source : Business Standard
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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