The group is currently undergoing a restructuring process where it will amalgamate its finance subsidiaries, L&T Finance, L&T Infra Credit Limited, and L&T Mutual Fund Trustee Limited with the listed L&T Finance Holding Ltd to simplify the corporate structure and enable greater focus on retail financing.
"Board of Inditrade Microfinance at its meeting held today reviewed the current status and decided to call off the merger on account of inordinate delay in receiving requisite regulatory and statutory approvals and also significant improvement in sectoral opportunities providing ample scope for substantial growth for the standalone business itself and thus it was considered inappropriate at this stage to lose focus on the growth opportunity and pursue the merger which was taking inordinate amount of time and management bandwidth," the company said.
Paytm Money's bond investment platform has seen a great response from retail investors with over 85,000 people applying for access, according to Varun Sridhar, CEO of Paytm Money. Those logged onto the platform mostly looked at tenures ranging from a few days to 39 years, and across various bond categories.
Indusind International Holdings Ltd (IIHL), a Hinduja Group company, submitted a detailed resolution plan early this week, which was tabled before the lenders on Wednesday. Torrent Investments, Piramal Capital and Oaktree Capital, the other bidders in the fray, did not submit detailed plans within the stipulated deadline, the people said.
Finance provider, Lendingkart group has appointed Kamna Baweja as their Chief Business Officer for its SME cards. Prior to this, Baweja was the CBO at Creditas. She brings two decades of experience to Lendigkart, which is in the business of providing capital to MSMEs.
Both semi-urban and urban sectors reported lower growth in the fourth quarter of 2023. It was the loans in the rural areas that practically kept NBFCs afloat, according to data from the Finance Industry Development Council and credit bureau CRIF.
The lenders see value in selling the assets while ITNL wants a resolution by transferring the asset to its infrastructure investment trust (InvIT).
Indian messaging firm Gupshup is talking with several handset makers as it seeks to preload its app, GSPay, onto feature phones. The app, which uses SMS messaging to execute UPI payments without a data plan or internet connectivity, features several levels of security, with multiple levels of encryption and authentication, according to Gupshup. The company recently partnered with HMD, the company that now makes Nokia-branded phones. It also says it will work with other firms to introduce additional services.
The two-day meeting in Goa ended on a positive note with all participating delegations agreeing on the policy communique drafted during the conference, Dr Chintan Vaishnav, chair of StartUp20 Engagement Group, told reporters.