Purple Finance Limited, a Mumbai-based financial services company, has received requests from two promoter group members to reclassify their shareholding from the 'Promoter Group' to 'Public' category. This development, disclosed in a regulatory filing, marks a potential shift in the company's shareholding structure.

Reclassification Requests

The company has received requests under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 from two individuals:

The combined shareholding of these two promoter group members represents 9.78% of the company's total shares.

Next Steps

Purple Finance Limited has stated that the Board of Directors will consider these reclassification requests in their upcoming board meeting. This consideration is in line with the regulatory requirements set forth by SEBI.

Company Information

Purple Finance Limited's registered office is located at 11, Indu Chamber, 349/353, Samuel Street, Masjid Bunder West, Mumbai – 400003, while its corporate office is at 705/706, 7th Floor, Hallmark Business Plaza, Sant Dnyaneshwar Marg, Opp. Guru Nanak Hospital, Bandra (E), Mumbai- 400051.

The reclassification, if approved, could potentially impact the company's shareholding pattern and may be of interest to investors and market watchers. However, the final decision rests with the Board of Directors and regulatory authorities.

Purple Finance Limited, a Mumbai-based financial services company, has announced a strategic move to sell a portion of its loan portfolio to Ambit Finvest Private Limited. The transaction, approved by Purple Finance's Finance Committee, involves a Direct Assignment deal worth Rs. 15.70 crore.

Key Details of the Transaction

Strategic Implications

The company describes this transaction as income accretive, suggesting it will positively impact Purple Finance's financial performance. Moreover, the deal is seen as a reaffirmation of the company's ability to create a high-quality loan portfolio.

Regulatory Compliance

The transaction adheres to the Master Directions – Reserve Bank of India (Transfer of Loan Exposures) Directions 2021, as amended from time to time. Purple Finance has duly informed the BSE Limited about this development, in compliance with Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Additional Corporate Updates

In a separate announcement on the same day, Purple Finance also disclosed that its Board of Directors has approved a notice of postal ballot. This ballot seeks shareholder approval for the re-classification of certain shareholders from the "Promoter Group" category to the "Public" category.

Company Information

• Registered Office: 11, Indu Chamber, 349/353, Samuel Street, Masjid Bunder West, Mumbai – 400003
• Corporate Office: Bandra, Mumbai
• BSE Listing: Scrip Code 544191, Scrip ID PURPLEFIN
• CIN: L67120MH1993PLC075037

These strategic moves highlight Purple Finance's active management of its loan portfolio and corporate structure, potentially positioning the company for future growth and operational efficiency in the competitive financial services sector.