Mumbai (Maharashtra) [India], April 6 (ANI/Purple Finance): The Board of Purple Finance met on April 05 and approved the merger of Purple Finance Ltd. with Canopy Finance Ltd subject to regulatory approvals. The Equity shares of Canopy Finance Ltd are listed on BSE Ltd. & Calcutta Stock Exchange Ltd.
Post-merger the capital base of the merged entity will be ~ INR 30 Crs. Post completion of the listing formalities Purple Finance intends to raise capital to strengthen its capital base using shares as a currency for growth.
Purple Finance a new age digital NBFC will be offering secured business loans ranging from INR 4 lacs – INR 10 lacs in the outskirts & tier II cities of Maharashtra, Gujarat & Orissa. Purple Finance with its superior technology platform aspires to simplify the existing processes in the mortgages segment and is confident of making a difference to the MSME borrowers with simplified funding options and timely loan disbursements.
Purple Finance is all set to build a large institution with a vision to set up a Small Finance Bank in next ~ 4-5 years.
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