Financial technology company MobiKwik announced on Monday that it received shareholder approval to transfer its lending services business to a wholly-owned subsidiary.
Additionally, shareholders approved changes to the purpose and terms of use of funds raised from the IPO, including extending their application period.
Details of Shareholder Resolutions
According to Upasany Taku, co-founder, CFO, and CEO of MobiKwik, the company received shareholder approval to transfer the lending service provider business to a wholly-owned subsidiary and to amend the IPO objectives. These important resolutions were adopted through remote postal voting, which concluded on July 2, 2026.
This approval allows the company to execute the business transfer based on a lump-sum sale transaction of MobiKwik Distribution Services Private Limited. The company also obtained an NBFC license from the RBI.