The board of Purple Finance approved the merger of Purple Finance Ltd. with Canopy Finance Ltd. approved.
Canopy Finance Ltd. shares are listed on the BSE and the Calcutta Stock Exchange.
After the merger, the combined company’s capital base will be ₹30 crore and upon 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 ranging from 4 to 10 lakh in the outskirts and Tier II cities of Maharashtra, Gujarat and Odisha,” it said.
“Purple Finance is ready to build a large institution with a vision to create a small financial bank in the next 4-5 years,” she added.