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India's Disha Microfin restructures biz ahead of small finance bank launch

India's Disha Microfin Ltd. acquired its affiliate's microfinance business in preparation for starting operations of a small finance bank, Mint reported Dec. 27, citing "two people aware of the development."

The company bought Future Financial Services Pvt. Ltd.'s microfinance business for 1.20 billion rupees. The move is part of a group restructuring effort in which Fincare Business Services Ltd., which acts as the holding company, will consolidate its microfinance business under one entity.

India Value Fund Advisors, which owns a 74% stake in both Disha Microfin and Future Financial Services, also transferred its shareholdings in the companies to Fincare Business Services through a share swap. India Value Fund Advisors will hold a similar stake in the new holding company.

In addition, India Value Fund Advisors is investing nearly US$10 million in the holding company to fund its growth plans and to pare down existing debt, according to one of the sources.

A spokesperson for Disha Microfin confirmed the restructuring, the report said.

Disha Microfin was one of the 10 companies that received in-principle approval from the Reserve Bank of India to set up small finance banks. It is applying for a final license.

As of Dec. 27, US$1 was equivalent to 68.01 Indian rupees.