Elpro International Ltd has acquired 92,000 equity shares of Jana Small Finance Bank Limited for a consideration of Rs 4.48 crore, as per a BSE filing.
This investment marks a significant move by Elpro into the banking and financial services sector. The acquisition is a cash consideration deal.
The Jana Small Finance Bank is the fourth largest Small Finance Bank in terms of AUM and deposit size, serving nearly 12 million customers since 2008.
The bank has a strong presence in the banking and financial services sector, with a standalone turnover of Rs 6,374.77 crore as per the last audited financials.
The acquisition is expected to strengthen Elpro‘s portfolio and provide a new avenue for growth. The company has not disclosed any further details about the acquisition, including the objects and effects of the acquisition.
As part of the agreement, Elpro has acquired a fresh 92,000 equity shares of Jana Small Finance Bank, taking its total holding to 92,000 shares. The acquisition adds to Elpro‘s investment portfolio and marks a significant move into the banking and financial services sector.
This investment reinforces Elpro‘s position as a diversified company with a strong presence in various sectors.
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