Slice Merger: NCLT approves merger of Slice and North East Small Finance Bank

The National Court of Company Law (NCLT) has approved the fusion based in Bengaluru Slice with Guwahati-based North East Small Finance Bank. This will pave the way for the closing of the merger, which has received clearance from the Reserve Bank of India (RBI). in October 2023.

The agreement also includes the Approval from the Competition Commission of India and the Registrar of Companies.

The Guwahati bench of the NCLT has sanctioned the scheme of arrangement and merger involving Garagepreneurs Internet Pvt Ltd, Quadrillion Finance Pvt Ltd, Intergalactory Foundry Pvt Ltd, RGVN (North East) Microfinance Ltd and North East Small Finance Bank Ltd, Tiger Global-backed Slice said in a statement on Monday.

While Garagepreneurs is the registered name of Slice, Quadrillion Finance is the in-house non-banking finance company that operated Slice. RGVN (North East) Microfinance is the microfinance company within North East Small Finance Bank.

Slice said he also received a no-objection certificate from the Income Tax department.

Following the merger, Slice, which manages prepaid payment solutions and operates Unified Payments Interface-based products, will look to offer technology-backed financial services to North East Small Finance Bank consumers.

ET reported on December 25 that Satish Kumar Kalra, a former top executive at Andhra Bank had been appointed as the new CEO of the merged entity.On December 18, ET reported that Slice was considering a $100 million capital injection in business to further its banking aspirations.