AF
Aye Finance
Book Building issueMainboardNSE₹1,010 Cr issue
0.00%
Listing gain over issue price
Issue size
₹1,010 Cr
1 lot at cut-off
₹14,964
Lot size
116shares
Open
09 Feb 2026
Close
11 Feb 2026
Allotment
12 Feb 2026
Listing
16 Feb 2026
Listing performance
Issue price
₹129
Listed at
₹129
Listing-day close
₹128.91
Latest price
₹170.31
Listing gain
0.00%
Return since listing
+32.02%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
−₹2
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 16 Feb 2026 | −₹2 | −1.55% | ₹0 | ₹127 | −₹232 |
| 15 Feb 2026 | −₹3 | −2.33% | ₹0 | ₹126 | −₹348 |
| 14 Feb 2026 | −₹3 | −2.33% | ₹0 | ₹126 | −₹348 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Feb 2026 – 11 Feb 2026
- Listing date
- 16 Feb 2026
- Face value
- ₹2 per share
- Issue price
- ₹129 per share
- Lot size
- 116 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,010 Cr
- Market cap at offer price
- ₹3,184 Cr
- ISIN
- INE501X01029
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- M-5, Magnum House-I, Community Centre, Karampura, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,52,32,558 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 116 shares per lot, in multiples, at ₹129
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 116 | ₹14,964 |
| Retail (max) | 13 | 1,508 | ₹1,94,532 |
| S-HNI (min) | 14 | 1,624 | ₹2,09,496 |
| S-HNI (max) | 66 | 7,656 | ₹9,87,624 |
| B-HNI (min) | 67 | 7,772 | ₹10,02,588 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
3,52,32,558
Anchor portion
₹455 Cr
at ₹129 per share
Valuation and performance
Valuation at offer price
₹129 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.14 | 5.24 |
| P/E (×) | 14.11 | 24.62 |
| Price to book (×) | 1.71 | — |
| Market cap | — | ₹3,184 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.12%
- Debt / equity
- 2.73
- NAV per share
- ₹75.63
- Price to book
- 1.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aye Finance
Aye Finance Limited was incorporated on August 12, 1993, originally as Doda Finance Private Limited and renamed to Aye Finance Private Limited in 2014 following a change in ownership to founders Sanjay Sharma and Vikram Jetley. The company was established to provide finance to micro, small and medium-scale enterprises and individuals, initially offering hypothecation loans, saral property loans, and mortgage loans, and later expanding to include emergency credit line guarantee scheme, SwitchPe and shakti loan products. As an NBFC-ML (non-banking financial company-middle layer), it serves micro-scale businesses with annual turnovers ranging from ₹2.00 million to ₹10.00 million, predominantly located in semi-urban areas. As of September 30, 2025, the company has 586,825 active unique customers, Assets Under Management of ₹60,276.22 million, and operates through a pan-India network of 568 branches.
Company Analysis
from RHPAye Finance Limited is a non-banking financial company providing small-ticket business loans to micro-scale MSMEs across India for working capital and business expansion needs.
Aye Finance Limited was incorporated on August 12, 1993, originally as Doda Finance Private Limited and renamed to Aye Finance Private Limited in 2014 following a change in ownership to founders Sanjay Sharma and Vikram Jetley. The company was established to provide finance to micro, small and medium-scale enterprises and individuals, initially offering hypothecation loans, saral property loans, and mortgage loans, and later expanding to include emergency credit line guarantee scheme, SwitchPe and shakti loan products. As an NBFC-ML (non-banking financial company-middle layer), it serves micro-scale businesses with annual turnovers ranging from ₹2.00 million to ₹10.00 million, predominantly located in semi-urban areas. As of September 30, 2025, the company has 586,825 active unique customers, Assets Under Management of ₹60,276.22 million, and operates through a pan-India network of 568 branches.
Non-banking financial servicesMSME lendingMicro-finance
Objects of the Issue
- Augmenting our capital base to meet our Company's future capital requirements arising out of growth of our business and assets p.22
- Augmenting capital base to meet future capital requirements arising out of growth of business and assets ₹7,100.00 million p.65
- Augmenting capital base to meet future capital requirements arising out of growth of business and assets ₹7,100.00 million (Fresh Issue gross proceeds) p.124
- Enhancement of brand name and creation of public market for Equity Shares p.124
Issue Structure
- Total Issue
- ₹10,100.00 million
- Fresh Issue
- ₹7,100.00 million
- Offer for Sale
- ₹3,000.00 million
- Price Band
- [●] per Equity Share
- Lot Size
- [●] Equity Shares
- Face Value
- ₹2 each
Business Model
Aye Finance earns revenue primarily through interest income on loans provided to micro-scale MSMEs. Interest income accounted for 85.03% of total income in the six months ended September 30, 2025. The company offers both secured loans (hypothecation loans and mortgage loans) and unsecured loans to its target customer base. As of September 30, 2025, unsecured loans comprised 37.97% of the company's total assets under management.
Business Segments
Secured loans provided to micro-scale businesses for working capital needs
Property-secured loans where title may not be clear or charge cannot be created over the property
Additional product offerings added to the company's portfolio over time
Loans secured against residential or commercial properties as collateral
Property-based lending product
Loans secured against working assets, finished goods, inventory and machinery
Loans without collateral security
Secured business loans against equipment, machinery and other assets
Unsecured business loans to MSMEs
Loans secured by property
Loans secured by residential or commercial property mortgages
Provides secured loans against hypothecation of working assets or against the security of property (Loan Against Property) to micro-scale enterprises for working capital and business expansion needs.
Provides unsecured business loans to micro-scale enterprises relying on creditworthiness, business cash flow, and alternative data rather than physical asset as security.
Fully secured against property collateral (mostly self-owned residences or self-owned business premises) and a contract of hypothecation of working assets, finished goods and machinery, designed for purchasing machinery, livestock, settling debts, or fulfilling other business needs.
Fully secured against property collateral (all kinds of properties) and a contract of hypothecation of working assets, finished goods and machinery, tailored for customers willing to mortgage property even when title may not be clear or charges cannot be created.
Fully secured against a contract of hypothecation of working assets, finished goods and machinery, enabling businesses to access credit while retaining ownership of assets for short-term needs such as inventory procurement, wage payments, and business renovations.
Partly secured against a contract of hypothecation of working assets, finished goods and machinery where the value of hypothecation assets is not adequate to cover the loan amount, suitable for businesses needing short-term funding.
A supply chain finance platform tailored for micro and small enterprises, offering unsecured credit lines and seamless connectivity to competitively priced suppliers with features including paperless onboarding, 14-day interest-free period, and flexible repayment terms.
Provides short-term and long-term loans, working capital finance, development finance, factoring, leasing, guarantees and other debt-related funding
Provides consultation, technical assistance, technology solutions and training and development inputs to businesses and individuals for sustained livelihoods and for improving their financial viability
Acts as an intermediary or agent for banks, mutual funds, insurance companies, commodity futures and derivatives funds, social venture funds, investment funds, pension funds and other financial institutions for distributing their products and services
The company originates loans secured against mortgage of property, hypothecation of inventory and stock, and unsecured loans. As of September 30, 2025, the company's gross loan portfolio comprised Rs. 56,202.39 millions of term loans, with Rs. 33,141.04 millions in secured loans (Rs. 10,244.49 millions secured against mortgage of property and Rs. 22,896.55 millions secured against hypothecation of inventory/stock) and Rs. 23,061.35 millions in unsecured loans.
Secured loans against residential and commercial property collateral
Secured loans for property purchases
Secured loans backed by hypothecation of assets
Loans provided against hypothecation of assets to micro-enterprises
Mortgage loans and 'Saral' Property Loans provided against property as collateral
Loans provided to individuals and MSMEs engaged in livestock rearing
Loans provided to trading enterprises
Loans provided to manufacturing units and other businesses
Loans provided to service providers and job work enterprises
SWOT Analysis
Strengths
- • Leading position in micro NBFC lending with substantial customer base and geographic presence(p.21)
- • Deep expertise in micro-enterprise lending through proprietary cluster-based underwriting model(p.35)
- • Strong capital adequacy with CRAR well above regulatory minimum(p.24)
- • Solid liquidity position with LCR significantly above regulatory requirements(p.25)
- • Consistent profitability and strong return on equity performance(p.23)
- • Strong net worth growth trajectory(p.40)
- • Improving cost-to-income ratio through operational efficiency(p.40)
- • Significant expansion in branch network and borrower base(p.40)
- • Consistent growth in AUM and total income(p.40)
- • Investment grade credit rating with stable outlook(p.43)
- • Highest AUM growth CAGR among peers at 37.4% from FY2023 to H1 FY2026(p.201)
- • Highest yield on net advances among peers at 29.1% (FY2025) and 28.4% (H1 FY2026)(p.209)
- • Highest provision coverage ratio among peers at 72.1% as of FY2025(p.210)
- • Pan-India geographic presence across 21 states with lowest top-state concentration at 15%(p.204)
- • Lowest restructured portfolio at 0.09% as of FY2025 among peers(p.210)
- • Lowest Stage 2 portfolio at 1.7% as of H1 FY2026 among peers(p.212)
- • Highest growth in cost-to-income ratio improvement: reduced from 66% (FY2023) to 50% (FY2025)(p.204)
- • Strong branch network with 568 branches as of H1 FY2026 and 15.3% CAGR growth(p.202)
- • Largest customer base among Peer MSME-focused NBFCs with 586,825 active customers(p.227)
- • Most geographically diversified lender among peers with lowest state concentration(p.228)
- • Pioneered unique cluster-based underwriting methodology covering 70+ business clusters(p.230)
- • Robust multi-tiered collection infrastructure with high digital adoption (93.45% ACH mandates)(p.223)
- • Highest employee productivity with 29.3 loans per employee in Fiscal 2025(p.228)
- • Diversified funding from 82 lenders with credit ratings of A (Stable) by India Ratings and ICRA(p.234)
- • Fastest growing NBFC among Peer MSME-focused NBFCs with 23.9% YoY AUM growth(p.224)
- • Advanced technology stack with 23.88% straight-through underwriting via data science models(p.223)
- • Established NBFC with RBI registration and systemically important status(p.315)
- • Strong branch network and geographic expansion across 18 states and 3 union territories(p.277)
- • Significant AUM growth demonstrating scale and market acceptance(p.277)
- • Large customer base indicating market penetration(p.277)
- • Multiple prestigious awards recognizing innovation and operational excellence(p.278)
- • Established loan portfolio with significant growth trajectory(p.323)
- • Diversified borrowing structure reducing reliance on single source(p.330)
- • Strong capital adequacy ratio exceeding regulatory requirements(p.350)
- • Improved liquidity position(p.350)
- • Comprehensive credit risk management framework with systematic monitoring(p.361)
- • Capital adequacy well above regulatory requirements(p.360)
- • Strong improvements in credit ratings(p.385)
- • Active capital management strategy focused on maintaining strong credit ratings(p.360)
- • Curated cluster-based underwriting approach for MSME lending(p.417)
- • Broad pan-India branch network with geographical diversification(p.417)
- • Extensive experience and data-driven underwriting in micro-enterprise financing(p.418)
Weaknesses
- • Deteriorating asset quality with rising Gross NPA ratio(p.33)
- • High proportion of unsecured loans with elevated default risk(p.37)
- • Significant reliance on undocumented or information-limited borrowers(p.35)
- • Persistent negative operating cash flows affecting financial flexibility(p.38)
- • Heavy dependence on interest income with limited diversification(p.38)
- • High employee attrition rate creating operational challenges(p.48)
- • Significant securitized assets without full derecognition(p.43)
- • Rising portfolio at risk over 30 days indicating asset quality stress(p.51)
- • Asset-liability maturity mismatch creating liquidity risk(p.42)
- • Missing and inaccurate historical corporate records(p.52)
- • Significant loan transfers and refinancing by customers(p.44)
- • Highest GNPA ratio among peers at 4.2% as of FY2025(p.210)
- • Highest debt-to-equity ratio at 2.8x as of FY2025 among peers(p.213)
- • Highest cost of borrowings at 11.7% (FY2025) and 10.6% (H1 FY2026) among peers(p.208)
- • Highest credit cost at 5.2% (FY2025) and 5.1% (H1 FY2026) among peers(p.208)
- • Lowest average ticket size of ₹0.10-0.15 million limits revenue per transaction(p.202)
- • Highest operating expense ratio at 9.3% (FY2025) and 9.5% (H1 FY2026) among peers(p.208)
- • Modest profitability with PAT growth of only 2.1% YoY in FY2025(p.207)
- • Elevated credit costs impacting profitability with ROTA declining to 1.92% (H1 FY26)(p.219)
- • High debt-to-equity ratio of 3.02 indicating significant financial leverage(p.225)
- • Rising gross NPA ratio of 4.85% as of September 30, 2025(p.227)
- • High attrition rate of 65.53% in six months ended September 30, 2025(p.253)
- • Cost-to-income ratio of 52.62% indicating operational efficiency challenges(p.227)
- • Declining collection efficiency from 93.95% (FY24) to 89.72% (H1 FY26)(p.245)
- • Increasing portfolio at risk with PAR 30+ rising to 6.77% (H1 FY26)(p.245)
- • Heavy dependence on employee base of 10,459 with high exposure to field operations(p.252)
- • Dependence on debt financing with significant borrowings outstanding(p.308)
- • Historically traceable records issues creating compliance risks(p.280)
- • High impairment charges and loan write-offs indicating credit risk(p.309)
- • Limited dividend policy with uncertainty on future distributions(p.303)
- • Promoter separation and absence of identifiable promoter creating governance questions(p.280)
- • High impairment on loan portfolio indicating credit quality concerns(p.323)
- • Substantial write-offs and loss on settlement of loans(p.342)
- • Significant concentration in unsecured lending(p.323)
- • Restructured accounts remain material at 665 borrowers outstanding(p.356)
- • Increasing non-performing assets(p.411)
- • High concentration of funding from significant counterparties creating liquidity risk(p.390)
- • High dependence on external borrowings(p.395)
- • Rising finance costs relative to operations(p.411)
- • Operational challenges in remote branch locations(p.417)
- • Higher credit risk in MSME lending to customers with limited documentation(p.417)
- • Rising impairment losses and write-offs indicating deteriorating asset quality(p.436)
Opportunities
- • Substantial unmet credit demand in MSME segment(p.22)
- • Growing market share opportunity as NBFCs expand in MSME lending(p.22)
- • Large addressable market of micro-enterprises in semi-urban and tier II/III/IV cities(p.21)
- • Increasing penetration of repeat lending with higher loan ticket sizes(p.35)
- • Expansion into rural and semi-urban markets with limited competition(p.40)
- • Technology-driven 'phygital' business model advantage(p.50)
- • Growing microfinance market driven by government initiatives(p.61)
- • Large unmet MSME credit gap of ₹34 trillion as of FY2025 with addressable demand of ₹76 trillion(p.177)
- • NBFCs gaining market share in small-ticket MSME loans (<₹1 million) with share increasing from 5% (FY2019) to 15% (Q1 FY2026)(p.179)
- • Rural and semi-urban MSME credit showing fastest growth at 21-23% CAGR from FY2019-2025(p.166)
- • Secured MSME (LAP) portfolio projected to grow at 16-18% CAGR through FY2027 reaching ₹17-18 trillion(p.189)
- • Unsecured business loans market growing at 27% CAGR (FY2019-2025) with projected 18-20% growth through FY2027(p.197)
- • Digital lending enabling reach to remote/tier-2+ regions with reduced operational costs(p.159)
- • Government focus on MSME formalization with ~50% of MSMEs registered under Udyam as of Sep 2025(p.176)
- • Expanding branch network opportunity with only 568 branches serving 586,825 active customers across pan-India presence(p.201)
- • Massive MSME credit gap of ₹34 trillion in formal financing(p.225)
- • 98% of MSMEs are micro enterprises with substantial untapped market potential(p.225)
- • Strategy to grow mortgage loan portfolio from 19.28% to higher penetration(p.242)
- • Repeat loan opportunity with 41.16% repeat retention rate and existing 546,069 hypothecation borrowers(p.229)
- • Increasing NBFC share in MSME lending from 9.2% (FY19) to 16.6% (FY25)(p.228)
- • Strategy to increase AUM per branch through penetration and new branch openings(p.241)
- • Technology leverage to improve underwriting and operational efficiency(p.242)
- • New product expansion through SwitchPe supply chain finance platform(p.241)
- • Growing MSME and inclusive finance market segment(p.281)
- • Digital transformation and technology adoption in lending(p.277)
- • Co-lending model with banks to expand reach and access to credit(p.271)
- • Securitisation opportunities to improve liquidity and asset distribution(p.271)
- • Expansion into new geographies and product lines(p.281)
- • Expansion through securitisation transactions enabling asset sale(p.354)
- • Growth in net interest income from loan portfolio expansion(p.341)
- • Technology infrastructure investment for digital transformation(p.349)
- • Fee income diversification beyond core lending(p.341)
- • Expansion of lending portfolio across multiple loan products(p.361)
- • Securitization to enhance liquidity and reduce funding costs(p.411)
- • Growth in unsecured loans portfolio(p.384)
- • Diversified funding sources including external commercial borrowings(p.411)
- • Heavily underserved MSME market with significant expansion potential(p.418)
- • Government support through multiple MSME sector initiatives(p.418)
- • Expansion into semi-urban and rural markets(p.417)
Threats
- • Heightened credit risk and delinquencies due to economic stress and over-leverage(p.36)
- • Interest rate volatility impacting net interest margin and profitability(p.38)
- • Regulatory changes affecting capital requirements and lending obligations(p.39)
- • Dependence on timely access to debt capital markets and external funding(p.39)
- • Macroeconomic factors affecting borrower repayment capacity and business viability(p.37)
- • Intense competition from larger NBFCs and banks with lower cost of funds(p.46)
- • Rising funding costs and borrowing pressures(p.40)
- • RBI regulatory restrictions on interest rates and lending practices(p.61)
- • Geographic concentration risk in five states(p.54)
- • Seasonal business fluctuations affecting revenue stability(p.54)
- • Macroeconomic stress and borrower overleveraging risks(p.51)
- • Restrictions and regulatory compliance burden on foreign debt(p.61)
- • Elevated credit costs in microfinance segment rising to 8.7% in FY2025 with negative ROA of -1.6%(p.174)
- • Asset quality deterioration across industry with GNPA in rural areas rising from 5.1% (FY2024) to 5.6% (FY2025)(p.166)
- • Over-leveraging issues in unsecured segment affecting industry profitability(p.166)
- • Unsecured business loans segment turned negative with -1.4% ROA in FY2025 due to higher credit costs(p.200)
- • RBI monetary policy tightening risks with repo rate at 5.5% constraining funding costs(p.155)
- • Increasing competition from banks in MSME lending with private sector bank share at 42% and growing focus on retail(p.167)
- • Regulatory constraints with NBFCs facing higher compliance costs and capital requirements(p.179)
- • Intensifying competition from existing players and new entrants including tech companies(p.251)
- • High barriers to entry and regulatory framework complexity(p.225)
- • Portfolio concentration risk in certain states and industries(p.248)
- • Dependence on informal credit and money lenders as alternative financing(p.222)
- • Macroeconomic risks including seasonal business cycles and economic downturns(p.248)
- • Regulatory changes and RBI compliance requirements(p.256)
- • Foreign exchange and interest rate volatility affecting borrowing costs(p.249)
- • Dependence on lease arrangements for all branch and office properties(p.255)
- • Regulatory changes and increased compliance burden for NBFCs(p.269)
- • Concentrated borrower and lending risks in MSME segment(p.281)
- • Interest rate and inflation volatility affecting borrowing costs(p.309)
- • Increased competitive intensity in NBFC and fintech lending space(p.271)
- • Cybersecurity and data protection requirements under DPDP Act(p.273)
- • Rising cost of funding through increased finance costs(p.341)
- • Regulatory compliance and tax uncertainties(p.344)
- • Foreign exchange volatility exposure on external borrowings(p.330)
- • Credit risk from geographic concentration and customer dependence(p.323)
- • Regulatory changes affecting lending to specific sectors(p.411)
- • Exposure to foreign exchange risk in ECB borrowings(p.372)
- • Interest rate risk on variable rate borrowings(p.372)
- • Global economic uncertainties affecting borrower repayment capacity(p.410)
- • Intense competition from larger players with greater resources and lower funding costs(p.418)
- • Pricing pressure from competitive lending products and standardized interest rates(p.418)
- • Risk of new entrants from liberalization of financial services sector(p.418)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aye Finance Limited | Company does not have an identifiable promoter | — | — |
| — | No identifiable promoter | — | — |
| Elevation Capital V Limited (formerly known as SAIF Partners India V Limited) | Promoter Group | 16.03% | — |
| LGT Capital Invest Mauritius PCC with Cell E/VP | Promoter Group | 13.99% | — |
| Alpha Wave India I LP (formerly known as Falcon Edge India I LP) | Promoter Group | 11.10% | — |
| CapitalG LP | Promoter Group | 10.16% | — |
| Sanjay Sharma | Promoter | 2.86% | — |
| Elevation Capital V Limited | Promoter/Promoter Group | 2.86% to 5.69% (across multiple CCPS conversions) | — |
| MAJ Invest Financial Inclusion Fund II K/S | Promoter/Promoter Group | 1.01% to 2.86% (across multiple CCPS conversions) | — |
| A91 Emerging Fund I LLP | Promoter/Promoter Group | 1.35% to 4.66% (across multiple CCPS conversions) | — |
| LGT Capital Invest Mauritius PCC with Cell E/VP | Promoter/Promoter Group | 1.89% to 7.76% (across multiple CCPS conversions) | — |
| CapitalG LP | Promoter/Promoter Group | 2.16% to 8.72% (across multiple CCPS conversions) | — |
| CapitalG International LLC | Promoter/Promoter Group | 3.20% | — |
| Alpha Wave India I LP | Promoter/Promoter Group | 1.35% to 10.07% (across multiple CCPS conversions) | — |
| British International Investment plc | Promoter/Promoter Group | 0.63% to 9.46% (across multiple CCPS conversions) | — |
| Waterfield Alternative Investments Fund I | Promoter/Promoter Group | 1.32% | — |
| IMP2 Assets Pte. Ltd. | Promoter/Promoter Group | 5.28% | — |
| Sanjay Sharma | Founder | — | — |
| Sanjay Sharma | Founder/Promoter | — | — |
| Sanjay Sharma | Promoter | 20.28% | 2.89% |
| Shankh Corporation LLP | Promoter Group | 17.59% | 2.22% |
| Shvet Corporation LLP | Promoter Group | 17.59% | 2.22% |
| Vikram Jetley | Promoter | 11.97% | 1.51% |
| Not specifically identified in this section | Promoter | — | — |
| Alpha Wave India I LP | Selling Shareholder | — | — |
| CapitalG LP | Selling Shareholder | — | — |
| LGT Capital Invest Mauritius PCC with Cell E/VP | Selling Shareholder | — | — |
| MAJ Invest Financial Inclusion Fund II K/S | Selling Shareholder | — | — |
| Vikram Jetley | Individual Selling Shareholder | — | — |
Leadership
Vipul Sharma · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.