India, Dec. 9 -- Listed non-banking finance company (NBFC) UGRO Capital has completed the acquisition of rival lending platform Profectus Capital in an INR 1,400 Cr all-cash deal.

With this, Profectus has become a wholly-owned subsidiary of UGRO Capital. However, UGRO Capital said that it will soon initiate the process for the merger of Profectus into the parent entity. The proposal will be subject to board and shareholder approvals.

Till formal approval of the merger, both companies will continue operating independently

In a statement, the listed NBFC said that the acquisition will bring Profectus' assets worth INR 3,468 Cr into its kitty. With this, UGRO expects its consolidated assets under management (AUM) to rise 29% to INR 15,471...