The Guwahati bench of the National Company Law Tribunal on August 19 gave the green flag to the amalgamation involving Garagepreneurs Internet Pvt Ltd, Quadrillion Finance Pvt Ltd, Intergalactory Foundry Pvt Ltd, North East Small Finance Bank Ltd (NESFB), RGVN (North East) Microfinance Ltd, and Tiger Global-backed Slice. The news came one year after the company received approval for the merger from the Reserve Bank of India and the Competition Commission of India. Furthermore, the company also received NOC from the income tax department to carry out its strategic merger.
Moneycontrol assessed the NCLT bench order, which states, “The scheme of arrangement and amalgamation is hereby sanctioned by this tribunal…the RBI and CCI have already provided no objection/approval to the scheme. The petitioners are directed to file this order with the RoC, Guwahati, within 30 days from receipt of the order.”
The merger is expected to empower the combined entity to leverage advanced technology and a deep understanding of community needs, improving financial inclusion throughout the nation. Further, consumers will benefit from the expanded range of products, enhanced omnichannel offerings, and seamless banking experience.
According to the Economic Times, Slice has been waiting for $100 million to fund its banking aspirations, which are more likely to be achieved through this merger. The news agency also stated that a former senior executive of Andra Bank has been selected as the CEO of the merged entity.
The Slice and NESFB merger is a testament to India’s rapidly evolving fintech landscape. It promotes financial inclusivity and establishes new industry standards with cutting-edge tech solutions.
