ICICI Bank acquires minor stake in Midland Microfin
ICICI Bank has entered into an agreement dated 30 September 2021 for investment in equity shares of Midland Microfin (non-banking financial company – microfinance institution). The Bank has invested Rs 52.42 crore for acquiring 4,508,169 equity shares of face value Rs 10.0 per share at a share premium of Rs 106.27 per share. After the investment, ICICI Bank holds 9.9% of the equity share capital of Midland and 7.3% of the total share capital of Midland.
Type of Organization
Midland Microfin Ltd is an ‘NBFC-MFI’ registered with the Reserve Bank of India (RBI registration No. B-06.00458) having Head Office at Jalandhar, Punjab to deal in microfinance in India.
Keeping in line with its vision of being a technology savvy MFI, the company after studying different software in the industry, MML has tied up with ‘Jayam Solutions’ for a web based centralized software solution. Jayam Solutions is a leading Software Solutions and Service provider in the Global market providing Business solutions. It is one of the best softwares for MFIs which takes care of complete processes of the microfinance business. Efimo is the latest version from Jayam Solutions. It is designed to handle large volume of accounts and transactions. It is equipped with customizable modules, menu driven interface, rich parameters van run on any standard browser. Efimo is a scalable solution that allows the MFIs and Banks to continue to support their growing business requirements