Merger15 Jul 2026, 06:10 pm
Spandana Sphoorty to Re-evaluate Merger Terms with Criss Financial
AI Summary
Spandana Sphoorty Financial Ltd (SSFL) announced a re-evaluation of its proposed amalgamation with Criss Financial Limited (CFL). Initially approved by the board, the merger is being reconsidered because SSFL has acquired the remaining equity shares of CFL, making it a wholly-owned subsidiary. The management will now re-evaluate the terms of the existing Scheme of Arrangement and propose modifications. The draft scheme and definitive documents will be subject to further board approval. This development follows SSFL's prior acquisition of a 99.92% stake in CFL.
Key Highlights
- SSFL to re-evaluate merger terms with wholly-owned subsidiary CFL.
- Acquisition of remaining CFL shares led to the re-evaluation.
- Revised merger terms will be presented to the Board for approval.
- The original merger was planned via a scheme of arrangement.
Price Impact
More from SPANDANA