Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin is founder of Trudence Capital with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai.  Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Indian Accounting Research Analyst

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Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Ujjivan Small Finance Bank  / Equity Bottom-Up

Ujjivan Small Finance Bank  (UJJIVANS IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ujjivan-financial-services" target="_blank" data-smartkarma-citation="entities:22697:1" rel="noopener">Ujjivan Financial Services (UJJIVAN IN)</a> had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with <a href="https://www.smartkarma.com/entities/ujjivan-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:28443:1" rel="noopener">Ujjivan Small Finance Bank (UJJIVANS IN)</a>.</li>
<li>The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.</li>
<li>However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.</li>
</ul>



Ujjivan Financial Services (UJJIVAN IN) had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with Ujjivan Small Finance Bank (UJJIVANS IN).
The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.
However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.


Equitas Small Finance Bank  (EQUITASB IN)

Ujjivan Reverse Merger: Behind the Dull Response