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Ujjivan SFB to raise Rs 600 cr in equity; expects to report profits in Q4

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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%.

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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.

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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

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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