Inditrade Microfinance Ltd to merge with Janakalyan Financial Services Pvt Ltd

Inditrade Microfinance Limited ("IMFL"), a debt listed company and a material subsidiary of Inditrade Capital Limited, at its meeting held today, i.e. 7th October, 2022 has, approved the Scheme of Amalgamation of Janakalyan Financial Services Private Limited ('Transferor Company') with Inditrade Microfinance Limited ('Transferee Company') with effect from 1 st July, 2022 ("Appointed Date") under Sections 230 to 232 of the Companies Act, 2013.

The Scheme is subject to necessary statutory and regulatory approvals, including sanction being accorded thereto by the respective Benches of the Hon'ble National Company Law Tribunal having jurisdiction over the Transferor Company and the Transferee Company.

In consideration of the amalgamation, the Transferee Company will issue and allot to the members of the Transferor Company Equity Shares of Rs.10/- each in the Transferee Company in the following exchange ratio:

82 Equity Shares of Rs. IO/- each in the Transferee Company credited as fully paid up for every 100 Equity Shares of Rs. 10/- each fully paid up held by them in the capital of the Transferor Company. There is no cash consideration.

The amalgamation will result in the formation of a larger and stronger NBFC-MFI having a wider geographical reach and area of operations with a larger capital and asset base and greater capacity for expanding its reach and conducting its operations more efficiently and competitively.

Since the amalgamation of the Transferor Company with the Transferee Company will enable greater realisation of the potential of the businesses of the Transferor Company and the Transferee Company, the Scheme is proposed to the advantage of the Transferor Company and the Transferee Company and will have beneficial results for the said Companies, their shareholders, employees and all others concerned.

Source : Equity Bulls

Keywords

InditradeCapital InditradeMicrofinance Merger JanakalyanFinancialServices