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| Exchange Received Time 27/11/2019 13:12:23 Exchange Disseminated Time 27/11/2019 13:12:28 Time Taken 00:00:05 | We wish to inform you that the Board of Directors ('Board') of CreditAccess Grameen Limited (the 'Company'), at its meeting held on November 27, 2019 approved:
(i) the acquisition of up to 76.2% of the share capital of Madura Micro Finance Limited ('MMFL') by the Company from its existing shareholders (the 'Acquisition'); and
(ii) a scheme of arrangement amongst the Company, MMFL and their respective shareholders and creditors, providing for the amalgamation of MMFL into the Company (the 'Amalgamation' and together with the Acquisition the 'Transaction').
The Acquisition is subject to obtaining necessary approvals from the regulatory authorities such as the Reserve Bank of India and other customary conditions precedent.
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