Canopy Finance Ltd to reverse merge with Purple Finance Ltd

The Board of Directors of Canopy Finance Ltd at their meeting held on today, considered and accorded its consent for Merger by Absorption of the Company by Purple Finance Limited by way of a reverse merger ("Proposed Transaction") pursuant to Section 230 to 232 of the Companies Act, 2013.

The board also gave its consent for execution of the Scheme of Arrangement subject to approval of Draft Scheme of Merger by Absorption of the Company by Purple Finance Limited and subject to Valuation of Equity Shares by the Registered Valuer and other transaction documents to give effect to the Proposed Transaction.

Shares of Canopy Finance Ltd was last trading in BSE at Rs. 21.35 as compared to the previous close of Rs. 20.35. The total number of shares traded during the day was 891 in over 7 trades.

The stock hit an intraday high of Rs. 21.35 and intraday low of 21.35. The net turnover during the day was Rs. 19022.00.

Source : Equity Bulls

Keywords

CanopyFinance INE095R01016 ReverseMerger PurpleFinance