It’s enhanced stake now stands at 44.16%. Key points to note – The stake has been bought from PAG – world’s largest Asia focused investment groups. PAG still continues to hold the majority at 55.84%. Edelweiss has paid Rs 230 crore for this stake purchase. This is at the same valuation when PAG had picked … Read more
Government think-tank Niti Aayog on Wednesday proposed setting up of full-stack ‘digital banks‘, which would principally rely on the internet and other proximate channels to offer their services and not physical branches, to mitigate the financial deepening challenges being faced in the country. The Aayog, in a discussion paper titled ‘Digital Banks: A Proposal for … Read more
After the Promoter MD of Spandana Sphoorty Finance (SSF) stepped down due to the ongoing spat with Kedaara, the Company has announced two key hires from Bharat Financial (100% subsidiary of Indusind Bank), pioneer of the Indian micro finance sector. Shalabh Saxena as MD and CEO Ashish Damani as CFO It’s worth nothing here that … Read more
Shriram Capital has hired Ajay Thomas John as Group Chief Digital Officer to lead the digital transformation at the company. He has been hired from Bajaj Finserv where his last designation was Head – Digital Strategy, Transformation and Fintech. Key points to note – Shriram Capital (SC) is the holding company of Shriram Group comprising … Read more
As per the news reports, a merger between the unlisted Shriram Capital (SC) and the listed arms – Shriram Transport Finance Company (STFC) and Shriram City Union Finance (SCUF) may be announced soon. Key points to note – The proposed merger of the three entities is targeted towards group consolidation of NBFC business under one … Read more
Padmaja Gangireddy, the Founder Managing Director of Spandana Sphoorty Finance (SSF) has resigned. Key points to note – SSF is a private equity controlled entity. Kedaara Capital owns about 45% of the Company whereas Padmaja owns about 17%. Padmaja in a letter to employees has attributed the reason for resignation to be her disagreement of … Read more