Authum Investment subsidiary renamed; ISARC acquisition advances

Authum Investment & Infrastructure Ltd. (BSE:AIIL) announced a change in the name of its wholly-owned subsidiary from "Reliance Commercial Finance Limited" to "Open Elite Developers Limited," effective today. In a separate but related development, the company provided an update on its proposed acquisition of 18,23,50,000 equity shares of India SME Asset Reconstruction Company Limited (ISARC), representing 79.28% of the expanded share capital. Authum has received communication from ISARC confirming Reserve Bank of India (RBI) approval for Authum to be added as a sponsor and for the appointment of two Authum-nominated directors to ISARC’s board. Subject to the allotment of equity shares, ISARC will become a subsidiary of Authum Investment & Infrastructure. This acquisition, initially announced on October 14, 2024, involves acquiring 13,00,00,000 equity shares via fresh subscription and 5,23,50,000 equity shares through purchase from existing ISARC shareholders. The RBI approvals are dated March 25, 2025, and March 26, 2025, respectively.