The National Company Law Tribunal (NCLT) has approved the merger of Bengaluru-based Slice with Guwahati-headquartered North East Small Finance Bank. This will pave the way for the closure of the merger, which received the Reserve Bank of India (RBI)’s clearance in October 2023.
The deal also has the approval of the Competition Commission of India and the Registrar of Companies.
The Guwahati bench of the NCLT sanctioned the Scheme of arrangement and amalgamation involving Garagepreneurs Internet Pvt Ltd, Quadrillion Finance Pvt Ltd, Intergalactory Foundry Pvt Ltd, RGVN (North East) Microfinance Ltd and North East Small Finance Bank Ltd, Tiger Global-backed Slice said in a statement on Monday.
While Garagepreneurs is the registered name for Slice, Quadrillion Finance is the in-house non-banking finance company which Slice ran. RGVN (North East) Microfinance is the microfinance business housed within North East Small Finance Bank.
Slice said it received a no-objection certificate from the Income Tax department as well.
Following the merger, Slice, which runs prepaid payments solutions and operates Unified Payments Interface-based products, will look to offer technology-backed financial services to consumers of North East Small Finance Bank.
ET had reported on December 25 that Satish Kumar Kalra, former senior executive at Andhra Bank had been appointed as the new chief executive officer of the merged entity.
On December 18, ET reported that Slice was eyeing a $100 million equity infusion into the business to power its banking aspirations.
Source: Economic Times