Khaitan & Co advised Centrum Microcredit Limited on the transaction.
As part of the agreement, Centrum MicroCredit acquired Altura’s entire portfolio as well as its branch network, and retain all the company’s employees. Centrum MicroCredit chairman Ranjan Ghosh said the acquisition would help further the company’s mission of providing credit and other relevant financial services to low-income households.
Following the acquisition, Centrum MicroCredit will have a loan book of around Rs 400 crore across 126 branches and around 200,000 clients. The larger Centrum Group entered the microfinance segment in 2017 after acquiring FirstRand Bank Ltd’s microfinance business in India.
The Khaitan team was composed by Partner Niren Patel (Picture), Shreya Mukherjee (Senior Associate) and Agranee Kapoor (Associate).
Law Firms: Khaitan & Co.;
Clients: Centrum Microcredit Limited;