spandana sphoorty financial will re-evaluate the terms of its proposed merger with Criss Financial Ltd after acquiring the remaining equity shares of the amalgamating company. The Board of Directors approved the initial amalgamation scheme on June 11, 2026, under Section 233 of the Companies Act, 2013. At the time of approval, Spandana Sphoorty Financial held 99.92% of the paid-up share capital of Criss Financial.

Following a capital restructuring, the company acquired the remaining equity shares from non-promoter shareholders. As a result, Criss Financial has become a wholly owned subsidiary of Spandana Sphoorty Financial. In light of this development, the management decided to review the existing scheme and consider necessary modifications.

The Merger Steering Committee has recommended that the Board reconsider the terms of the proposed merger. Consequently, the Board will review the proposal and grant approval for any modifications. The draft scheme and definitive documents will be subject to further approval from the Board before submission to the stock exchanges.

The initial proposal involved the merger by absorption of Criss Financial with Spandana Sphoorty Financial. The company had previously communicated that the draft scheme, as approved by the Board, would be made available on its website following submission to the stock exchanges.

Spandana Sphoorty Financial Ltd announced the demise of its Chairperson and Independent Director, Ms. Abanti Mitra, on July 13, 2026. The company disclosed this information to the stock exchanges on July 14, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The sudden passing of the Chairperson marks a significant leadership change for the microfinance institution.

Ms. Mitra had been associated with Spandana Sphoorty Financial since 2012. She was first appointed as a Director for the period from November 20, 2012, to November 01, 2016. Subsequently, she served as an Independent Director since May 4, 2017, and assumed the role of Chairperson of the Board of Directors on November 22, 2021.

The company acknowledged Ms. Mitra's critical role during challenging phases, noting that her contributions provided strategic insights and industry best practices. The Board of Directors and employees conveyed their deep sympathy and condolences to her family, describing her loss as irreparable.

Details of Cessation

The following table details the cessation of Ms. Mitra's directorship as per the regulatory disclosure:

The filing was signed by Vinay Prakash Tripathi, Company Secretary, and submitted to BSE Limited and National Stock Exchange of India Limited.