Spandana Sphoorty Financial Revamps Merger Plan as Criss Financial Becomes Wholly Owned Subsidiary
Spandana Sphoorty Financial Limited (SSFL) is proceeding with modifications to its existing amalgamation scheme involving Criss Financial Limited (CFL). The Company announced that it will re-evaluate the terms of the merger following a recent strategic acquisition, which has resulted in CFL becoming a wholly owned subsidiary of SSFL.
The amalgamation of CFL with SSFL was previously approved by the Board of Directors as part of a proposed scheme of arrangement under the Companies Act. Initially, when the Scheme was approved, SSFL held 99.92% of the paid up share capital of CFL.
In a recent development related to capital restructuring, SSFL acquired the remaining equity shares of CFL from its non-promoter shareholders. This transaction means that Criss Financial Limited is now a wholly owned subsidiary of Spandana Sphoorty Financial Limited.
In light of this corporate structure change, management has decided to re-evaluate the existing Scheme and consider necessary modifications. The company will subsequently make a fresh proposal to the Merger Steering Committee and the Board for review and approval. The draft scheme and all definitive documents related to the merger are subject to further board approval.
SPANDANA Stock Price Movement
Today, Spandana Sphoorty Financial Limited saw its stock settle at ₹303.8, edging up by 0.58%. The equity recorded a total traded volume of 248,890 shares during the day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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