“Subject to receipt of regulatory approvals and customary closing adjustments, the transaction is expected to be completed by the end of 2023,” said a statement.
The proposed acquisition is expected to turn Svatantra into the second largest microfinance entity in India with a reach of more than 3.6 million active customers through 1,517 branches across 20 states and a combined asset under management (AUM) of Rs 12,409 crore as on March 31, 2023, as per media reports.
“We have seen Chaitanya grow almost 6X in the last 4 years, making credit accessible to rural India. This transaction is in line with our strategic plan to focus on our digital-first businesses, as we continue our digital-first financial services through the Navi Group,” Sachin Bansal said.
–Ajit Weekly News
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News Credits – I A N S