Spandana Sphoorty to merge subsidiary Criss Financial

Spandana Sphoorty Financial Limited's Board of Directors has approved the amalgamation of its subsidiary, Criss Financial Limited (CFL), through a merger by absorption. The merger, governed by Section 233 of the Companies Act, 2013, is subject to regulatory and shareholder approvals. CFL's revenue was INR 150.86 crores and net worth was INR 233.11 crores for the year ended March 31, 2026. Spandana Sphoorty reported revenue of INR 906.59 crores and net worth of INR 2,193.75 crores for the same period. The merger aims to reduce costs, create synergies in infrastructure, risk management, and technology, and diversify the product mix with secured lending from CFL. The transaction is considered a related party transaction but will be conducted on an arm's length basis, with valuation supported by independent reports.