Utkarsh Small Finance Bank has announced a strategic investment by acquiring a 7% equity stake in Saksham Gram Credit Pvt Ltd, a company providing business correspondent services in rural and semi-urban areas.
The acquisition is valued at ₹50 million, with the bank subscribing to 12,19,512 equity shares at ₹41 per share. This investment aims to strengthen Utkarsh Bank’s involvement in lending services, particularly in underserved regions.
The acquisition is expected to be completed by October 31, 2024, and will be conducted entirely in cash. Saksham Gram Credit, established in 2019, focuses on offering microfinance and secured business loans through partnerships with banks and NBFCs.
TOPICS:
Utkarsh Small Finance Bank