Golden Legend Leasing & Finance Forms Wholly-Owned Subsidiary to Strengthen Digital Lending Ecosystem

Shares of Golden Legend Leasing & Finance Ltd. are likely to remain in focus after the company announced the incorporation of a wholly-owned subsidiary, Gullakkart Private Limited, as part of its strategy to expand its digital financial services ecosystem and strengthen its technology-driven lending business.  

In a regulatory filing submitted to the BSE on July 7, the company said the newly incorporated subsidiary will support its digital lending operations by developing digital payment solutions. As part of its expansion plans, Gullakkart Private Limited intends to apply for a Prepaid Payment Instrument (PPI) licence from the Reserve Bank of India (RBI), subject to obtaining the necessary regulatory approvals.  

According to the company, the proposed PPI platform is expected to complement its existing lending business by enabling seamless digital payment services for customers. The initiative is aimed at improving customer convenience while enhancing the company’s technology-enabled financial services ecosystem.  

The incorporation of the subsidiary marks another milestone in Golden Legend Leasing & Finance’s long-term strategy of leveraging digital technologies to broaden its financial services offerings. The company believes the move will strengthen its presence in the rapidly evolving fintech space while supporting future business growth.  

Golden Legend Leasing & Finance further stated that it will continue to keep the stock exchanges informed of any material developments related to the subsidiary and the proposed PPI licence application, in accordance with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.  

The company said the disclosure has been made in the interest of transparency and to keep shareholders and investors informed about its strategic initiatives aimed at expanding its digital financial services platform.