Fimbank’s wholly-owned subsidiary Fimfactors BV and Punjab National Bank have completed a share acquisition agreement, as a result of which the former acquired 60 million equity shares in India Factoring and Finance Solutions Private Ltd.

This is the equivalent of 30 per cent of the current issued, subscribed and paid up shares in the capital of India Factoring and Finance Solutions.

Acquisition forms part of Fimbank’s group strategy

Following the transaction, Fimfactors holds 79 per cent of the equity shares of India Factoring and Finance Solutions.

The remaining 21 per cent is held by Banca IFIS, Blend Financial Services Limited and India Factoring Employees Welfare Trust.

The acquisition forms part of Fimbank’s group strategy to further aid the ongoing conso-lidations by FIM Group, and with a view to achieve better synergy and control over India Factoring and Finance Solutions Private Ltd.