Equitas SFB operates as a small finance bank engaged in retail banking business
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
NCLT Sanctions Amalgamation Of Equitas Holdings And Equitas SFB
Amalgamation scheme shall be effective upon the filing of tribunal's order
Topics
NCLT | Equitas SFB | RBI
The National Company Law Tribunal has sanctioned the scheme of amalgamation of Equitas Holdings Limited and Equitas Small Finance Bank, the small finance lender told exchanges on Tuesday.
The appointed date for the amalgamation is January 1, 2023 and the scheme shall be effective upon the filing of the NCLT’s order with registrar of companies, Chennai, the bank said.
“Post the reverse merger, 231 shares of Equitas Small Finance Bank are to be issued to the Shareholders holding 100 shares in Equitas Holdings Limited (all Rs 10 fully paid-up),” it said.
In July 2021, Equitas SFB had received the Reserve Bank of India’s approval to apply for amalgamation of the promoter into itself. The intent of the amalgamation is to comply with the RBI norms on small finance banks, mandating the promoter to reduce the stake in the subsidiary to 40 per cent within five years of commencement of operations by the SFB.
Equitas Holdings is a non-deposit taking, core investment company. Its operations and activities are limited to investing in and providing loans to group companies.
Equitas SFB operates as a small finance bank engaged in retail banking business with focus on micro finance, commercial vehicle finance, home finance, loan against-property finance and corporate finance. It also provides financing solutions for individuals and micro and small enterprises.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, January 17 2023. 18:13 IST
RECENT NEWS
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more