Microfinance Focus, August 13, 2011: Three Andhra Pradesh based microfinance institutions - Asmitha Microfin, Share Microfin and Spandana Shpoorty Financial Ltd. have put forth a proposal of a possible merger before the Reserve Bank of India's Corporate Debt Restructuring (CDR) Empowered Group, according to a Business Standard report.

A top MFI official is reported to have said that the CDR package has been approved for all the three MFIs and there is a possibility that these three will be merged.

However, Managing Director of Spandana Sphoorty said that the MFIs were exploring various options and merger was one them. "These are at the very initial stage. It is a long process. We need to take approvals from the bankers and other investors before going in for the merger. We will focus on the merger aspect after the execution of the CDR package by September 15", she said.