Key Details
Symbol (NSE): SPANDANA and SSFLPP
Corporate Action
Amalgamation/Merger by absorption under Section 233 of Companies Act, 2013 (currently under re-evaluation)
Record Date
Not Specified
Nature of Scheme
Merger by absorption of Criss Financial Limited into Spandana Sphoorty Financial Limited
Entities Involved
Transferor Company: Criss Financial Limited (CFL)
Transferee Company: Spandana Sphoorty Financial Limited (SSFL)
Demerged Company
Not Applicable (Amalgamation arrangement)
Resulting Company
Spandana Sphoorty Financial Limited (after absorption of CFL)
Share Entitlement Ratio
Not Specified (Under re-evaluation)
Implied Capital Structure Impact
Not Specified (Terms being reconsidered)
Post-Allotment Listing Plan
Not Specified
Regulatory and Approval Status
- Scheme initially approved by Board of Directors on June 11, 2026
- Current status: Under re-evaluation by Management and Merger Steering Committee
- Requires fresh Board approval for modified terms
- Stock Exchanges have been notified of the development
Effective Date
Not Specified
Financial Rationale
- Company acquired remaining 0.08% equity shares of CFL from non-promoter shareholders as part of capital restructuring
- CFL became a wholly-owned subsidiary of SSFL (previously held 99.92% stake)
- Management re-evaluating merger terms due to complete ownership change
Impact on Shareholders
Not Specified (Terms under reconsideration)