Satin Creditcare Network has received an approval for incorporation of the Wholly Owned Subsidiary of the company. The Board of directors of the company at their meeting held on July 11, 2018, approved the same
The Board has also given approval to transfer MSME Business of the company to its Wholly Owned Subsidiary (WOS) upon its incorporation and registration of such WOS as a nonbanking financial company with Reserve Bank of India. Besides, the Board gave nod to acquisition of 11,05,493 Equity Shares of Taraashna Services (a subsidiary of Satin Creditcare Network) by the Company from MV Mauritius (an existing shareholder of Taraashna Services) that would result in Taraashna Services becoming a wholly owned subsidiary of the company.
Satin Creditcare Network is one of the largest Microfinance Institutions (MFI) in Northern India, and is the 3rd largest MFI in the country.
