Spandana Sphoorty evaluates merger of subsidiary Criss Financial

Spandana Sphoorty Financial on January 10 said its board is evaluating the merger of Criss Financial Ltd, a subsidiary, into the parent company.

In a regulatory filing, the company said the board has granted in-principle approval for the proposed merger and has constituted a Merger Steering Committee to assess and finalise the terms of the transaction.

The committee, which operates as a sub-delegated body of the board, will evaluate the merger proposal, engage intermediaries, draft and finalise the merger scheme and related documents, and manage communications and disclosures related to the process.

Based on the committee’s recommendations, the board will consider the proposed merger. The company said that the final scheme and any definitive agreements will require specific approval from the board.

Spandana Sphoorty added that it will make further disclosures in line with listing regulations and applicable laws after the board reviews the proposal.