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Utkarsh Micro Finance Unlisted Shares |Latest Share Price & Updates


₹ Listed with Nse/Bse


₹ Listed with Nse/Bse

Fairly Valued

Company Overview

  • Utkarsh CoreInvest Limited (old name – Utkarsh Microfinance Ltd) is the holding and promoting company for “Utkarsh Small Finance Bank Ltd”.
  • Utkarsh CoreInvest Limited was incorporated in 1990, at Varanasi in UP.
  • Utkarsh Micro Finance Limited was into operations of providing financial and non-financial services to the unbanked population who had the skills but were in need of capital. It also offered JLG Loans, Micro Enterprise Loans, Housing Loans, Micro Pension Products.
  • During FY 2016, the Reserve Bank of India granted licence to Utkarsh Micro Finance for setting-up a ‘Small Finance Bank’, subsequently to which the company formed a subsidiary in the name of ‘Utkarsh Small Finance Bank Limited’.
  • Utkarsh Micro Finance transferred through a slum sale, all its assets and liabilities except certain statutory assets, vehicle and statutory liabilities standing as on January 21, 2017 to its subsidiary, USFBL(Utkarsh Small Finance Bank) in line with requirement of the licencing conditions for the Bank. On January 23, 2017 the subsidiary started the Banking operations.
  • Subsequently, on May 3, 2018 UMFL got its licence converted from NBFC-MFI-ND-SI to NBFC-CIC-ND-SI and on October 11 , 2018 its name got changed from UMFL to Utkarsh CoreInvest Limited (UCL).
Symbol:Utkarsh Coreinvest
Face Value (₹):10
ISIN: INE396P01012
Demat Status:NSDL & CDSL BOTH
Lot Size:20 Shares

Board of Directors:

Mr. G. S. SundararajanNon- Executive Independent Director,Chairperson of the Boardlinkedin
Mr. AtulIndependent DirectorNA Final 1
Mr. Ashwani KumarManaging Director & CEOlinkedin
Mr. Aditya ParekhNominee Director representing Faering Capitallinkedin
Mr. Gaurav MalhotraNominee Director representing CDC (Commonwealth Development Corporation) Group Plclinkedin
Mr. Harjeet ToorNominee Director representing RBL Bank Limitedlinkedin

Key Highlights

  • The AUM of the Bank stood at 6,660 crore as on March 31, 2020
  • ATM Network 177 Locations
  • Bank’s Asset under management has grown at a CAGR of 64% Since 2017
  • Deposits of the Bank also grew at a CAGR of 551% last 3 years
  • Active Client Base 25 Lakh


Operating Margin25%25%
Net Profit Margin3%6%
Return on Equity4%8%
Dividend Payout Ratio0%0%

Note:- Dividend payout = Total Dividend/Net Income.

It indicates, how much % of its Net Income, the company is paying out as dividend to its Shareholders.

Financial Highlights

Total Income (₹ Crores) 203417251406939562
PAT (₹ Crores) 6111218794-63
Diluted EPS 0.701.462.491.37-1.73
Book Value per Share (₹) 17.5616.1313.4310.488.76
Equity (₹ Crores) 157213681019773412

Financial Charts

Shareholding Pattern

Peer Comparison

CompanyMarket Cap (₹ Crores)Profitability Margin (%)ROCE (%)ROE (%)D/E RatioP/E RatioP/B RatioBook Value per Share (₹)
Utkarsh Small Finance Bank168363.02%3.58%3.91%1.64268.5710.7117.56
Ujjivan Small Finance Bank3603-14.73%2.58%-14.79%0.65-6.171.0214.53
Dhanlaxmi Bank 3123.91%0.99%3.98%0.178.730.3535.57

Media Updates

“Scheme of arrangement between the Company (UCL), its respective shareholders and Utkarsh Small Finance Bank Limited (USFBL)”

Scheme of arrangement between the Company (UCL), its respective shareholders and Utkarsh Small Finance Bank Limited (USFBL), its subsidiary company under Section 230 and other applicable provisions of the Companies Act, 2013, was filed with the National Company Law Tribunal, bench at Allahabad (“NCLT”) on 25 October 2019.

The proposed arrangement envisages the reduction in the face value of the equity share capital of the USFBL and for the issuance and allotment of fully paid-up equity shares of USFBL to the shareholders of UCL from the reserves created from such reduction in the face value of the equity share capital of USFBL.

The Proposed Arrangement is expected to:

  1. Achieve partial satisfaction in the process of compliance of the conditions laid down by RBI in relation to the shareholding of the USFBL (i.e., by dilution of UCL’s shareholding in USFBL from one hundred per cent. (100%) to fifty per cent. (50%));
  2. Provide shareholders of UCL with direct shareholding in USFBL, which is presently held through UCL. Consequently, the shareholders of UCL can take independent decisions with respect to their holdings in UCL and USFBL.

The Company is yet to receive the approval from National Company Law Tribunal, Allahabad.


The Company and the Banking Subsidiary (USFBL) have been working on various Corporate Actions to ensure compliance as per the SFB guidelines pertaining to:

  1. Maintenance of promoter’s minimum initial contribution to the paid-up equity capital of the small finance bank to at least 40% till first five (5) years from the commencement of operations by the Bank and then to bring the same down to 40% within a period of five years of such commencement of operations by the Bank i.e. from January 23, 2017 till January 22, 2022 .
  2. Listing (IPO) of the Banking Subsidiary within three (3) years of its Net-Worth crossing `500 crore i.e. by June 2021.

In this context, the option of merging the Holding Company into the Bank after completion of five (5) years of the Bank’s operations, is also being explored.

Suitable capital infusion by way of Pre-IPO investments of Tier I and Tier II capitals is also being envisaged to ensure availability of Growth capital in place for the Bank.

Frequently Asked Questions

The buying and selling of unlisted shares and pre-IPO shares is fully legal and valid. 

The procedure to buy the Utkarsh Small Finance Bank unlisted shares is fairly simple. Once you have settled on the price and quantity of the transaction, you would have to transfer the funds into the bank account of the seller. 

When the funds are transferred and transaction details are shared with the seller, your demat account will be credited with the shares either on the same day of the fund transfer or before the end of the next working day. 

In the secondary market, the transactions related to unlisted shares take place with the existing owners of the shares who are generally the employees or existing investors in the company. The company itself is not directly involved.

The Utkarsh Small Finance shares will get credited either the same day or before the end of the next working day when you transfer the funds into our bank account.

The minimum lot size varies on the basis of market conditions and demand and supply factors. To know the current lot size for Utkarsh Small Finance unlisted shares, please visit the stock page on our website: www.delistedstocks.in  

There are many factors which influence the pricing of unlisted shares. Apart from the supply and demand factors, the latest transactions happened on the same stock, last funding round of the company, and valuation level of companies of the similar size affect the pricing of the unlisted shares. 

Once the selling price and quantity of shares is agreed with us, we will provide you with an UTR number to transfer the shares. Once you have transferred the shares into our company’s demat account, funds are released into your bank account within 24 hours or before the end of the next working day of the transfer of the shares.

If your holding period is less than 2 years, then such income is treated as business income and liable to get taxed as per tax slab of the investor. 

If your holding period is more than 2 years, then your profits would be subject to long-term capital gains tax. The current short-term capital gain tax rate is 20% after indexation.

The trading in unlisted shares is governed by Securities & Contract (Regulation) Act, 1992 which comes under the preview of SEBI.  The SEBI regulations become applicable when the stocks of the company get listed on the stock exchange. There is a minimum lock-in period of 6 months for pre-IPO investors. 

The major risk associated with investing in unlisted stocks is the liquidity risk. The possible exit route for investors is either to sell to another investor or wait till the company gets listed on the stock exchange. 

Yes, NRI’s can also buy and sell Utkarsh Small Finance Bank unlisted shares just like domestic investors. But their investment is on a non-repatriable basis. 

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