Khaitan & Co has advised Svatantra Microfin on its proposed acquisition of Navi Finserv and Navi Technologies’ shareholding in Chaitanya India Fin Credit.
Khaitan partners Saswat Subasit and Vidushi Gupta led the transaction team with the assistance of senior associate Pritali Patil. The team assisted on transaction documentation, antitrust analysis and due diligence involving regulatory, corporate and employment matters.
Khaitan counselled Svatantra Microfin on the bid process and conducted legal due diligence on the proposed Chaitanya India Fin Credit buyout. The firm handled drafting, negotiation and the finalisation of agreements, and will further advise on Reserve Bank of India (RBI) approval and completion matters.
Completion of the deal hinges on obtaining RBI approval and meeting customary closing prerequisites. Once finalised, Svatantra Microfin will be India’s second-largest NBFC-MFI valued at USD14.4 million, serving more than 3.6 million customers through 1,517 branches across 20 states. According to the Microfinance Institutions Network, Credit Access Grameen is India’s top NBFC-MFI.
Entrepreneur Ananya Birla founded Svatantra Microfin, which is a non-banking financial company-microfinance institution (NBFC-MFI), when she was 17. It aims to provide next-gen funding solutions for people who cannot access traditional banking services. Sachin Bansal’s Navi Group owns Chaitanya India Fin Credit, which is also an NBFC-MFI.