Board approved slump sale of Lending Services Provider business to wholly-owned subsidiary MobiKwik Distribution Services for non-convertible debentures.
Sale rationale is to meet RBI pre-condition for NBFC registration of another subsidiary, MobiKwik Financial Services.
Board also approved alteration of MOA object clause to include Payment Aggregator activity for RBI authorization.
Proposed variation in IPO proceeds utilization objects and extension of time limits for shareholder approval.