The NBFC’s bid for an IPO is part of a larger strategy to boost its financial position and lending activities.
Aye Finance is also bolstering its board and top management ahead of the IPO. According to reports, the company’s board has accepted the hiring of Sanjay Sharma as managing director and Aditya Misra, director of ABC Impact, as a non-executive non-independent director.
In a dramatic reshuffle, up to five non-executive and non-independent directors, largely investor representatives, resigned from Aye Finance’s board for “personal reasons” at the EGM.
Vivek Kumar Mathur of Elevation Capital, Navroz Darius Udwadia of Alpha Wave India, Kartik Srivatsa of LGT Capital Invest Mauritius PCC, Kaushik Anand Kalyana Krishnan of A91 Emerging Fund, and Gaurav Malhotra of British International Investments were among those who left.