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HomeLaw firmsDeals and TransactionsLuthra & Luthra Advises on Ujjivan Group's Reverse Merger for INR 70...

Luthra & Luthra Advises on Ujjivan Group’s Reverse Merger for INR 70 billion

The Ujjivan Group recently completed a significant reverse merger valued at approximately ₹70 billion. Luthra & Luthra was the sole counsel on the deal. 

This merger involved Ujjivan Financial Services Limited, a listed Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI), merging into its subsidiary, Ujjivan Small Finance Bank Limited, a listed bank. The National Company Law Tribunal (NCLT) in Bangalore granted the final approval for this merger on April 19, 2024.

Luthra & Luthra Law Offices India acted as the sole legal advisor for this reverse merger. The core transaction team included Harish Kumar (Partner), Itee Singhal (Partner Designate), and Nupur Gupta (Associate). They were pivotal in navigating the complex legal landscape of this high-value merger.

Advice on competition law aspects was provided by a team comprising G.R. Bhatia (Partner), Arjun Nihal Singh (Partner Designate), and Sanyam Juneja (Associate), ensuring compliance with relevant competition regulations.

Additionally, litigation support and local representation in Bangalore were handled by Vasudev Dibbur (Partner), Chethana Deepak (Managing Associate), and Meghana Konda (Associate), ensuring smooth legal proceedings and compliance with local jurisdictional requirements.

This strategic merger is expected to strengthen Ujjivan Group’s market position by integrating the operational strengths of both entities, enhancing their ability to serve a broader customer base more effectively.

Ujjivan Group is a well-known financial services conglomerate in India, primarily serving the unbanked and underbanked segments of the population. Ujjivan Financial Services Limited started as an NBFC offering microfinance solutions and gradually expanded its services to include various financial products. Ujjivan Small Finance Bank Limited, a subsidiary of Ujjivan Financial Services, focuses on providing banking services to small businesses and low-income groups, bridging the financial inclusion gap in India.

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