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BlackSoil said it backed the transaction citing Mintoak's banking partnerships, profitable growth and scalable business model.
Under the agreement, BlackSoil will absorb the entire solar financing vertical, including its leadership team, technology stack, brand assets and operational framework.
The debt facility is intended to strengthen the company's balance sheet and provide additional financial flexibility.
The fresh capital will be used to strengthen the platform's lending capabilities and support its growth,
This marks a crucial step toward finalisation of the merger, with only the National Company Law Tribunal (NCLT) approval remaining.
