Inditrade Microfinance, part of BSE-listed Inditrade Capital, plans to merge Kolkata based Janakalyan Financial Services with itself as part of a plan to consolidate its position as a national player.
On the merger plan, Sudip Bandyopadhyay, Group Chairman, Inditrade Group of Companies, said: “This merger will unlock value at various levels. The entities combined have disbursed loans worth over ₹2,000 crore. It will give Inditrade a pan-India presence across 12 States, and one union territory, making us a truly national player”.
The merged entity will retain all employees from both companies.
Post the merger, the joint entity will be known as Inditrade Janakalyan Microfinance Limited and Alok Biswas, Chairman of Janakalyan, will lead the combined entity as Managing Director.
PwC is overseeing the entire process. Khaitan & Co. has drafted the scheme and will handle the NCLT related process.