CDC Group sells part of Ujjivan Financial Services stake
Mumbai: CDC Group Plc, the development finance institution owned by the UK government, on Wednesday sold a part of its stake in Ujjivan Financial Services Ltd for around Rs212 crore, data from stock exchanges shows.
The shares were sold in a bulk deal at Rs360 apiece.
CDC sold a total of 5.9 million shares of the lending firm, bringing down its shareholding in the company to 1.91% from 6.84% at the quarter ended 30 June.
CDC started selling its stake in Ujjivan in the second quarter of the current calendar year, after the 12-month post-IPO lock-in on its shareholding ended in May this year.
On 19 May, CDC sold a total of 2.75 million shares worth approximately Rs99 crore at a price of Rs360 apiece.
CDC invested in Ujjivan in 2015.
Since it’s initial public offering in May last year, the stock has gained 70.5% from its issue price, to close at Rs358.15 on Wednesday.
Shares of Ujjivan on Wednesday closed 10.2% higher, its biggest gain in the past eleven months after its subsidiary was given a scheduled bank status.
The Reserve Bank of India (RBI) has granted a scheduled bank status to its subsidiary Ujjivan Small Finance Bank Ltd, according to a filing on exchanges.
Ujjivan Small Finance Bank commenced its operations from February 2017 and it has 65 full-fledged brick and mortar branches operating in eight states and two union territories.