Mumbai
The Board of Purple Finance has approved the merger of Purple Finance Limited with Canopy Finance Limited.
The equity shares of Canopy Finance Limited are listed on BSE and Calcutta Stock Exchange.
Post the merger, the merged entity will have a capital base of ₹30 crore and after the completion of the listing formalities, Purple Finance plans to raise capital to strengthen its capital base, the company said in a statement.
“Purple Finance will offer secured business loans from ₹4-10 lakh to the outskirts and Tier II cities of Maharashtra, Gujarat and Odisha,” it said.
Purple Finance is all set to grow into a large institution with a vision to set up a Small Finance Bank in the next 4-5 years.