CreditAccess Grameen hikes stake in Madura Micro Finance

CreditAccess Grameen has additionally acquired 0.42% of the share capital of Madura Micro Finance (MMFL).

The announcement was made after market hours yesterday, 1 April 2020. Shares of CreditAccess Grameen rose 0.1% to settle at Rs 338.70 yesterday, 1 April 2020. Domestic stock markets are shut today on account of Ram Navami.

Consequent to this, CreditAccess Grameen has acquired 54,72,670 equity shares of Rs. 10 each constituting 76.06% of the share capital of MMFL, a subsidiary of the Company. MMFL was established in 2006, and it is a leading rural focused NBFC-MFI headquartered in Chennai. It provides microfinance loans to rural women.

 

This acquisition is part of 76.34% acquisition approved by the board of directors on 27 November 2019 and 4 December 2019.

CreditAccess Grameen is a leading Indian microfinance institution headquartered in Bengaluru, focused on providing micro-loans to women customers predominantly in rural areas across India.

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