Ujjivan Small Finance Bank Limited moves to reshape its capital structure

Issue price: Rs 64.73 per share, against the latest reported BVPS of Rs 38.10 ^{[1] [2]}. This implies:

• Premium to BVPS: Rs 26.63 per share, or 69.90% above BVPS
• Issue price-to-BVPS: 1.70x

For dilution, the proposed allotment is up to 6.32 Crore shares ^[1]. The latest reported post-ESOP paid-up capital was Rs 195.296 Crores ^[3]; at the Rs 10 face value ^[2], this represents approximately 19.5296 Crore existing shares.

Post-allotment dilution of existing shareholders:

`6.32 / (19.5296 + 6.32) = 24.45%`

Thus, existing shareholders would face approximately 24.45% equity dilution if the full 6.32 Crore shares are allotted. Their aggregate ownership would fall to approximately 75.55% post-allotment.

Ujjivan’s IFC tranche was priced essentially at market, not at a material discount. The issue price was Rs 64.73 per share, against the Rs 64.50 closing price on 15 October 2026, the last completed session before the 16 October agreement. That implies a 0.36% premium to the prior close:

`(Rs 64.73 / Rs 64.50) - 1 = 0.36%`

The issue price was Rs 10 face value plus Rs 54.73 share premium; the latter is an accounting premium to face value, not a valuation premium to the stock price. ^[1] The bank also raised approximately Rs 409 Crores through up to 6.32 Crore shares, with approximately Rs 249 Crores from IFC and the balance from three life insurers. ^[1] IFC was already an existing shareholder, holding 3.18% as of 15 October 2026, and the policy agreement imposed customary IFC compliance and reporting covenants. ^[7]

On the agreement day, a quoted price of Rs 63.50 at 3:58 p.m. would make the issue price a 1.94% premium to that same-day reference; however, the cleaner pre-announcement comparison is the prior-session close, where the premium was only 0.36%. ^{[2] [8]}

Peer comparison

Therefore, a defensible peer ranking of preferential-issue premiums or discounts cannot be established from the cited material. The supported conclusion is narrower: Ujjivan’s IFC pricing was approximately at the prevailing market price, with a negligible 0.36% premium to the prior close, while the transaction was structured as a targeted preferential allotment to IFC and institutional insurers rather than a broad-based public or rights issue.