CreditAccess Grameen Limited (NSEI:CREDITACC) signed a definitive agreement to acquire 23.8% stake in Madura Micro Finance Limited for INR 2 billion on November 27, 2019. CreditAccess Grameen will issue 158 shares for every 100 shares of Madura Micro Finance. In a related transaction, CreditAccess Grameen signed a definitive agreement to acquire 76.2% stake in Madura Micro Finance Limited from Tara Thiagarajan, A.V. Thomas and Co. Ltd., Elevar Equity Mauritius and other minority shareholders for INR 6.7 billion on November 27, 2019. After the completion of the transactions, Madura Micro Finance will be merged into CreditAccess Grameen. The business acquired from Madura Micro Finance will continue to operate as a separate division until the integration of business and processes is complete. All employees of Madura Micro Finance will become employees of CreditAccess Grameen upon merger. Madura Micro Finance’s Promoter, Tara Thiagarajan, will act as an advisor to the Board of Directors of CreditAccess Grameen after the merger. As of January 22, 2020, deal terms revised and CreditAccess Grameen will issue 157 shares for every 100 shares of Madura Micro Finance. The transaction is subject to approval of the shareholders and creditors of CreditAccess Grameen, the Securities and Exchange Board of India / Stock Exchanges, National Company Law Tribunal and such other regulatory approvals as may be required. The transaction will be undertaken after the completion of the acquisition of 76.2% stake. On November 27, 2019, Board of Directors of CreditAccess Grameen and Madura Micro Finance approved the transaction. The transaction will be EPS accretive to CreditAccess Grameen. Spark Capital Advisors (India) Private Limited acted as the financial advisor and Cyril Amarchand Mangaldas acted as the legal advisor to CreditAccess Grameen. The deal of CreditAccess Grameen Limited (NSEI:CREDITACC) signed a definitive agreement to acquire 23.8% stake in Madura Micro Finance Limited for INR 2 billion was cancelled on january 08, 2021.