“The proposed transaction pertains to the amalgamation of Svatantra Holdings Pvt Ltd (SHPL) and Chaitanya India Fin Credit score (CIFCL) into Svatantra Microfin Pvt Ltd (SMPL), by the scheme of amalgamation entered into between SHPL, CIFCPL, SMPL and their respective shareholders as has been authorized by the board of administrators,” CCI stated in a launch.
Publish-merger, Svatantra Micro Housing Finance Corp Ltd will change into a wholly-owned subsidiary of Svatantra Microfin Pvt Ltd (SMPL), it added.
Svatantra Holdings is an unregistered core funding firm, whereas Ananya Birla led-Svatantra Microfin is a RBI-registered non-deposit taking non-banking monetary company-micro finance establishment (NBFC-MFI).
“Fee approves amalgamations of Chaitanya India Fin Credit score Pvt Ltd and Svatantra Holdings Pvt Ltd into Svatantra Microfin Pvt Ltd,” the Competitors Fee of India (CCI) stated.
Chaitanya India Fin Credit score is a microfinance establishment which was arrange by Anand Rao and Samit Shetty in 2009, and Svatantra Micro Housing Finance Corp is a registered non-deposit taking housing finance firm. Offers past a sure threshold require approval from the regulator, which retains a tab on unfair enterprise practices in addition to promotes honest competitors within the market.