CreditAccess Grameen announced that the RBI Bengaluru has conveyed its no objection to the company for the proposed acquisition of up to 76.34% of the share capital of Madura Micro Finance.
CreditAccess Grameen had earlier announced the acquisition of up to 76.34% of the share capital of Madura Micro Finance ('MMFL') (equivalent to 54,92,616 equity shares) from its existing shareholders.
The microfinance firm's standalone net profit rose 8.3% to Rs 107.99 crore on a 29.3% surge in total income to Rs 453.56 crore in Q3 December 2019 over Q3 December 2018.
CreditAccess Grameen is engaged in microfinance sector. Its services are focused towards the rural poor and low income households particularly women.
Shares of CreditAccess Grameen were down 5.47% at Rs 885. The scrip traded in the range of Rs 874.15 to Rs 940 so far.
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