Amidst the resignations, there was a rush to buy the shares of this bank, 10% increase in the price, there is also a plan for merger.

Some stocks gave surprising returns amidst selling in the market on the first trading day of the week. One such share is of Ujjivan Small Finance Bank share. During trading, the share jumped more than 10 percent to Rs 59.50.

The rise in shares came after the resignation of the company management.

Actually, Ujjivan Small Finance Bank Limited had informed the stock market about the resignation of Sriram Srinivasan on 30 September 2023. He was the head of digital banking in the bank. Let us tell you that in the month of November, Bengaluru based Small Finance Bank has called an extraordinary general meeting. The purpose of this meeting is to brainstorm on the proposed plan of merger with the holding company Ujjivan Financial Services Limited.

what does it mean

Under the merger, shareholders will get 116 shares of Ujjivan SFB for every 10 shares of Ujjivan Financial Services. The merger was first announced on October 31, 2021. Ujjivan Financial Services is an NFBC-core investment company and promoter of the bank, holding 73.68% equity shareholding and 100% preference shareholding.

How were the June quarter results?

In the first quarter of the current financial year (April-June, 2023), the profit of Ujjivan Small Finance Bank jumped by 60 percent to Rs 324 crore. Their profits have increased due to reduction in bad debts. The bank had made a profit of Rs 203 crore in the April-June 2022 quarter.

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