Table of content
RNFI Services Limited Introduction
- RNFI focuses on providing B2B and B2B2C solutions through its online portal and mobile application.
- Its services span banking, digital solutions, and Government-to-Citizen services across various Indian states.
Brief about
Summary of the business
We are a tech enabled platform offering advanced financial technology solutions in B2B and B2B2C financial technology arena through an integrated business model via our online portal and mobile application, focusing on providing banking, digital and Government to Citizen (“G2C”) services on PAN India basis.
We segregate our business primarily into four (4) segments namely
- Business correspondent services
- Non -business correspondent services
- Full-fledged money changer service
- Insurance broking.
As on the date of this Draft Red Herring Prospectus, we are providing full-fledged money changer service through our Material Subsidiary (wholly-owned), namely RNFI Money Private Limited which is RBI registered full-fledged money changer (“FFMC”) and insurance broking service through our wholly-owned Subsidiary, namely Reliassure Insurance Brokers Private Limited which is registered as a direct (Life & General) broker with IRDAI.
History
Company was originally incorporated as ‘RNFI Services Private Limited’, a private limited company under Companies Act, 2013, pursuant to a certificate of incorporation dated October 13, 2015.
| Calendar Year | Events and Milestones |
| 2015 | Incorporated as RNFI Services Private Limited |
| 2017 | Company became business correspondent of a leading Private sector bank. |
| 2018 | Company forayed into financial inclusion division by becoming a business correspondent of Public sector bank and Private sector Payment banks. |
| 2019 | Company entered into tourism industry, emerging as principal agent of IRCTC for train bookings. |
| Company also became business correspondent for Fino Payments Bank. | |
| 2020 | Company established a Wholly-owned Subsidiary namely, RNFI Money Private Limited. |
| 2021 | Company acquired a Subsidiary namely, Paysprint Private Limited. |
| Company became business correspondent for NSDL Payments Bank. | |
| 2022 | Company established a Wholly-owned Subsidiary namely, Reliassure Insurance Brokers Private Limited. |
| Company became business correspondent for prominent Public sector bank. | |
| Company became a designated partner in Reliconnect LLP | |
| Company associated with Ministry of Electronics & Information Technology for UMANG Project and Centre for Digital Financial Inclusion (CDFI). | |
| Company became vendor of a wholly owned subsidiary of a leading Public sector bank for delinquent loans collections. | |
| 2023 | Company became business correspondent for prominent Public sector bank. |
| Company became business facilitator for a leading Private sector bank. | |
| Company partnered with Maharashtra State Rural Livelihood Mission (MSRLM) for Woman Empowerment. | |
| Conversion of our Company from a private limited company to a public limited company |
Promoters & Board of Directors
- Ranveer Khyaliya, Nitesh Kumar Sharma, and Simran Singh Private Trust are the Promoters of our Company
Board of directors
| Name | Designation |
| Ranveer Khyaliya | Chairman and Managing Director |
| Deepankar Aggarwal | Executive Director |
| Kirandeep Singh Anand | Executive Director |
| Rahul Srivastav | Executive Director |
| Sunil Kulkarni | Independent Director |
| Avtar Singh Monga | Independent Director |
| Ashok Kumar Sinha | Independent Director |
| Mona Kapoor | Independent Director |
Share Holding pattern
| Sr. No. | Name of the Shareholder | % of Holding |
| Promoters | ||
| 1. | Ranveer Khyaliya | Negligible |
| 2. | Nitesh Kumar Sharma | Negligible |
| 3. | Simran Singh Private Trust | 89.53% |
| Sub-total | 89.53% | |
| Promoter Group | ||
| 1. | Sapna | Negligible |
| 2. | Kapil Chawla | Negligible |
| 3. | Jatinder Kaur Amarbir Singh Bharara | Negligible |
| 4. | Amrik Singh Bhalla | Negligible |
| Total | 89.54% | |
| Public | 10.46% | |
Qualitative Factors
- RNFI Services Limited have a holistic business model providing all-in-one solution in B2B and B2B2C models. Our wide- ranging product and service portfolio enables us to spread our business risk and enhance our ability to adapt to changing market conditions.
- RNFI Services Limited have a technology focused business model with an advanced digital platform.
- RNFI Services Limited have a asset light and scalable business model as our business strategy revolves around a network partner-centric model that emphasizes lean capital investment for network expansion.
- Extensive network encompasses a diverse range of participants. As of March 5, 2024, we have a network base of over 3 lakh network partners with presence in 28 States and 5 Union territories.
- Experienced leadership backed by a skilled professional team continues to contribute to our business’s growth and profitability.
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Strength
- Holistic Business Model: All-in-one solution for B2B and B2B2C and wide-ranging product and service portfolio.
- A technology focused business model with an advanced digital platform.
- Asset light and scalable business model.
- Diverse Distribution Network spread across PAN India.
- Experienced leadership backed by a skilled professional team.
Strategies
- Accelerating growth and increasing our diversity using Micro ATM as a catalyst.
- Using technology to create greater scalability.
- Optimize Growth across Business Segments through Integrated Model and Cross-Selling Strategies.
- Strategic Expansion: Acquisitions and geographic growth.
- Strengthen our network capabilities.
Industry Outlook
India’s Foreign Exchange Reserves: Factors and Concerns in a Shifting Global Landscape:
India’s foreign exchange reserves dipped by of $1.13 billion to $616.1 billion for the week ending on February 16, 2024. India’s foreign exchange reserves have been declining since October 2021. This is due to a number of factors, including the appreciation of the US dollar against other major currencies, the selling of Indian assets by foreign investors, and the RBI’s intervention in the foreign exchange market.
The Indian rupee faced significant challenges in the first quarter of the fiscal year 2022-23, impacted by adverse risk sentiments resulting from geopolitical tensions in Eastern Europe and the strengthening of the US dollar. The US Federal Reserve initiated monetary tightening and commenced balance sheet reduction in June 2022, causing the US dollar to strengthen. In an unprecedented move since 1994, the US Fed raised its benchmark rate by a substantial 75 basis points in June 2022. Consequently, US financial conditions tightened, with US treasury yields surging to multi-year highs, equities witnessing a decline, and the US dollar gaining favor due to its safe-haven appeal. The US dollar Index saw a notable rise of 6.5 percent, marking its strongest quarter since 2016.
The Indian rupee was further pressured as Brent crude oil prices remained volatile and high throughout the quarter, averaging at approximately US$ 112 per barrel. Additionally, Foreign Portfolio Investors (FPIs) withdrew approximately US$ 14 billion during the quarter, contributing to the rupee’s depreciation. Overall, the Indian rupee experienced a 4.0 percent depreciation during this challenging quarter.
The RBI intervenes in the foreign exchange market to prevent the rupee from depreciating too sharply. It does this by selling dollars and buying rupees. This helps to increase the supply of rupees in the market and to prevent the rupee from depreciating too sharply.
The RBI’s intervention has helped to prevent the rupee from depreciating too sharply in recent months. However, the decline in the forex reserves is a cause for concern. The RBI will need to continue to monitor the situation closely.
The following factors could affect the Indian forex reserves in the coming months:
- The direction of the US dollar against other major currencies.
- The flow of foreign investment into India.
- The RBI’s intervention in the foreign exchange market.
The RBI will need to take into account all of these factors when managing the forex reserves. The goal is to ensure that the reserves remain at a comfortable level and that the rupee remains stable.
Indian Financial Services Industry
In the evolving landscape of financial services, a shift towards predictive and customized products and solutions is underway. Open Banking, facilitated by initiatives like India’s Unified Payments Interface (UPI), is gaining traction, integrating financial services with various sectors. India Stack, the nation’s digital infrastructure, is a vital contributor to this progress. Financial institutions are increasingly embedding themselves into diverse markets, offering tailored solutions such as affordable insurance plans and attractive banking options. The future holds promises of widespread accessibility, especially through mobile payments, catering to diverse customer needs. Investment in digital technologies and data analytics will be pivotal for these in stitutions to meet the evolving expectations and demands of tech-savvy generations, ensuring a seamless and enhanced customer experience.
Overview of Indian Insurance Industry
India is one of the fastest-growing economies in the world and is home to a large population of over 1.3 billion people. The country’s insurance industry is rapidly growing, with an expected market size of $280 billion by 2025, a compound annual growth rate (CAGR) of 12%-15%, primarily attributable to rising awareness about the importance of insurance and increasing disposable incomes. The Indian government has implemented various policies to promote growth and innovation in the insurance sector. This report will explore the opportunities for
U.S. businesses in India’s insurance sector.
Domination of Life Insurance in India’s Insurance Landscape with Growth Prospects Ahead
Life insurance is the most significant segment of the Indian insurance market, accounting for approximately 75% of the total market share, although life insurance coverage among Indians is relatively low, covering just 3% of the population. Health insurance is the second-largest segment, followed by motor insurance. Currently, only 10% of Indians have some form of health insurance. With 55% of India’s population in the working age range of 20-59, insurance companies have a young, insurable population to work with.
In March 2023, the private life insurance sector saw a year-on-year premium growth of 35%, reaching 20% for FY23. Life insurers collected Rs. 3.71 lakh crore (US$ 44.85 billion) as first-year premium in FY23, an 18% increase from the previous year. LIC, a state-run insurance giant, contributed over 60% to the total new business premium collection. The industry is expected to grow at a CAGR of 5.3% between 2019 and 2023, with an insurance penetration of 4.2% in FY21. Premiums are projected to reach Rs. 24 lakh crore (US$ 317.98 billion ) by FY31.
Robust Growth in Non-Life Insurance Sector with Private Companies Gaining Market Share
In the non-life insurance sector, gross premiums written off reached Rs. 220,772.07 crore (US$ 28.14 billion ) between April 2021-March 2022, reflecting an 11.1% increase over FY21. The market share of private sector companies in general and health insurance rose from 48.03% in FY20 to 49.31% in FY21. Standalone private sector health insurance companies recorded a significant 66.6% growth in gross premium in May 2021.
Insurance Agents, Brokers, and the Essential Role in Facilitating Informed Transactions
Insurance intermediaries play a vital role in facilitating insurance transactions and enhancing the insurance placement process. They fall into two categories: insurance agents and insurance brokers. An insurance agent is licensed by IRDA to sell insurance policies and provide after-sales services, including assistance during claims . On the other hand, insurance brokers represent clients and are licensed to sell policies from various insurance companies. They offer expert advice to clients, helping them choose suitable insurance policies and are compensated through a brokerage fee from the chosen insurance company. These intermediaries, with their extensive knowledge of the insurance market, significantly contribute to increasing th e availability of insurance services.
The primary role of insurance brokers is to broaden the accessibility of insurance and other risk management products, amplifying the positive impacts of insurance such as promoting safer risk-taking, investments, meeting societal needs, and fostering economic growth. They serve as intermediaries between clients and insurers, acting
Business Data
Verticals
- Business correspondent services
- Non-business correspondent services
- Full-fledged money changer service
- Insurance broking
Product wise break-up
(₹ in Lakhs)
| Business Segments | As at September 30,2023 | As at March 31, 2023 | As at March 31, 2022 | As at March 31, 2021 | ||||
| Revenue | % of Revenue | Revenue | % of Re venue | Revenue | % of Revenue | Revenue | % of Re venue | |
| Business correspondent services | 7,971.83 | 15.12% | 17,013.97 | 15.95% | 11,466.58 | 60.91% | 8,106.50 | 60.50% |
| Non-business correspondent services | 5,538.05 | 10.50% | 13,433.88 | 12.60% | 6,891.29 | 36.61% | 5,293.92 | 39.50% |
| Full-fledged money changer service | 38,967.34 | 73.92% | 76,188.46 | 71.43% | 467.39 | 2.48% | 0.22 | 0.00% |
| Insurance broking | 241.17 | 0.46% | 23.06 | 0.02% | – | 0.00% | – | 0.00% |
| Total | 52,718.39 | 100.00% | 1,06,659.37 | 100.00% | 18,825.26 | 100.00% | 13,400.64 | 100.00% |
Customer dependency
| Particulars | As at September 30, 2023 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
| % | % | % | % | |
| Revenue from Top 5 customers | 19.02% | 31.61% | 71.77% | 61.31% |
| Revenue from Top 10 customers | 25.89% | 45.52% | 80.51% | 63.05% |
Competition
We operate within a highly competitive industry landscape. The market comprises a multitude of players offering services either independently or as integrated solutions. Established industry leaders pose significant competition, showcasing cutting-edge technology and innovative product offerings. In this competitive sector, a considerable portion is occupied by local, unorganized players who excel in cost efficiency, possess experienced staff, and prioritize personalized customer service, driving high levels of customer satisfaction. Additionally, both online and offline agencies are constantly emerging, introducing innovative approaches to provide similar services, contributing to a dynamic market with fluctuating demand and supply.
Peer companies comparison
| Name of the Company | Revenue from Operations (₹ in lakhs) | Face Value perequity share (₹) | P/E | EPS(Basic) (₹) | EPS(Diluted) (₹) | RoNW (%) | NAV per equity share (₹) |
| RNFI Services Limited | 1,06,659.37 | 10.00 | 34.65 | 3.03 | 3.03 | 31.99 | 11.47 |
| Listed Peers | |||||||
| BLS E-Services Limited | 24,306.07 | 10.00 | 102.40 | 3.02 | 3.02 | 29.21 | 18.36 |
| Mos Utility Limited | 10,614.38 | 10.00 | 40.77 | 3.72 | 3.72 | 31.97 | 18.12 |
| Particulars | RNFI Services Limited | BLS E-Services Limited | Mos Utility Limited | |||||||||
| Six months | Financial Year 2023 | Financial Year 2022 | Financial Year 2021 | Six months | Financial Year 2023 | Financial Year 2022 | Financial Year 2021 | Six months | Financial Year 2023 | Financial Year 2022 | Financial Year 2021 | |
| Revenue from Operations | 52,718.39 | 1,06,659.37 | 18,825.26 | 13,400.64 | 15,617.88 | 24,306.07 | 9,669.82 | 6,448.72 | 8,372.23 | 10,614.38 | 7,734.01 | 7,349.20 |
| EBITDA | 1075.19 | 993.87 | 979.66 | 1149.86 | 2,249.61 | 3,628.97 | 862.07 | 547.28 | 743.25 | 1,062.55 | 518.72 | 224.30 |
| EBITDA Margin (in %) | 2.04% | 0.93% | 5.20% | 8.58% | 14.40% | 14.93% | 8.92% | 8.49% | 8.88% | 10.01% | 6.71% | 3.05% |
| Net Profit after tax | 552.01 | 488.71 | 555.03 | 745.97 | 1,468.11 | 2,033.18 | 537.96 | 314.82 | 575.76 | 568.07 | 329.15 | -12.20 |
| Net Profit Margin (in %) | 1.05% | 0.46% | 2.95% | 5.57% | 9.40% | 8.36% | 5.56% | 4.88% | 6.88% | 5.35% | 4.26% | -0.17% |
| Return on Net Worth (in %) | 24.44% | 31.99% | 49.42% | 178.08% | 11.23% | 29.21% | 45.31% | N/A | 11.31% | 31.97% | 41.85% | -1.94% |
| Return on Capital Employed(in %) | 19.18% | 24.28% | 33.25% | 78.90% | 17.17% | 50.32% | 53.56% | N/A | 11.27% | 30.18% | 21.68% | 7.19% |
| Debt-Equity Ratio | 0.98 | 0.90 | 0.85 | 2.17 | 0.06 | 0.05 | 2.24 | 7.83 | 0.03 | 0.30 | 1.42 | 1.23 |
| Current Ratio | 1.06 | 1.10 | 1.06 | 0.74 | 1.30 | 1.10 | 0.96 | 0.67 | 5.47 | 1.45 | 0.88 | 1.08 |
| Days Working Capital | 1.98 | 3.15 | 10.72 | -68.11 | 28.11 | 9.54 | -3.88 | -56.99 | 73.41 | 20.57 | -10.96 | 6.55 |
Subsidiary companies
- RNFI Money Private Limited
| Name of the shareholder | Percentage of issued, subscribed and paid-up share capital (% ) |
| RNFI Services Limited | 99.93 |
| Ranveer Khyaliya (Nominee of RNFI Services Limited) | 0.07 |
| Total | 100.00 |
- Ciphersquare Digital Private Limited
| Name of the shareholder | Percentage of issued, subscribed and paid-up share capital (% ) |
| RNFI Services Limited | 96.00 |
| Ranveer Khyaliya (Nominee of RNFI Services Limited) | 4.00 |
| Total | 100.00 |
- Reliassure Insurance Brokers Private Limited
| Name of the shareholder | Percentage of issued, subscribed and paid-up share capital (% ) |
| RNFI Services Limited | 100.00 |
| Kapil Chawla (Nominee of RNFI Services Limited) | Negligible |
| Total | 100.00 |
- RNFI Fintech Private Limited
| Name of the shareholder | Percentage of issued, subscribed and paid-up share capital (% ) |
| RNFI Services Limited | 99.95 |
| Ranveer Khyaliya (Nominee of RNFI Services Limited) | 0.05 |
| Total | 100.00 |
- Paysprint Private Limited
| Name of the shareholder | Percentage of issued, subscribed and paid-up share capital (% ) |
| RNFI Services Limited | 59.82 |
| Anand Seenivasaganl | 18.40 |
| Manheer Kaur | 13.80 |
| Fino Payment Bank Limited | 7.98 |
| Total | 100.00 |
- OSSR Tech Solutions Private Limited
| Name of the shareholder | Percentage of issued, subscribed and paid-up share capital (% ) |
| RNFI Services Limited | 60.83 |
| Rajesh Bhujangarao Manam | 33.57 |
| Sujata Rajesh Manam | 5.60 |
| Total | 100.00 |
| Name of the Company/LLP | Ownership (%) |
| Reli Associates LLP | 99.98 |
| Relicollect LLP | 70 |
| Reliconnect LLP | 80 |
Group companies
- Droit Agencies Private Limited
- Paysprint Services Private Limited
- Vidcom Business Solutions Private Limited
- Microkred Technologies Private Limited
Business risk factors
- A substantial portion of the revenue is generated from our banking partners. RNFI Services Limited banking partners are regulated by the RBI and any change in the RBI’s policies, decisions and regulatory framework could adversely affect our business, cash flows, results of operations and financial condition.
- RNFI Services Limited derive a portion of our revenue from the fee and commission that we charge from our customers against our services. Any failure to earn revenue from such activities may have a negative impact on our financial performance.
- RNFI Services Limited have experienced negative cash flows from operating activities and may do so in the future, which could have a material adverse effect on our business, prospects, financial condition, cash flows and results of operations.
- A significant majority of our revenues from operations are derived from a limited number of customers.
| Particulars | As at September 30, 2023 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
| % | % | % | % | |
| Revenue from Top 5 customers | 19.02% | 31.61% | 71.77% | 61.31% |
| Revenue from Top 10 customers | 25.89% | 45.52% | 80.51% | 63.05% |
Financials
Key Performance Indicators
(₹ in lakhs, unless stated otherwise)
| Particulars | For Six months ended September 30,2023 | Financial Year ended March 31,2023 | Financial Year ended March 31,2022 | Financial Year ended March 31,2021 |
| Revenue from Operations | 52,718.39 | 1,06,659.37 | 18,825.26 | 13,400.64 |
| EBITDA | 1075.19 | 993.87 | 979.66 | 1149.86 |
| EBITDA Margin (in %) | 2.04% | 0.93% | 5.20% | 8.58% |
| Net Profit after tax | 552.01 | 488.71 | 555.03 | 745.97 |
| Net Profit Margin (in %) | 1.05% | 0.46% | 2.95% | 5.57% |
| Return on Net Worth (in%) | 24.44% | 31.99% | 49.42% | 178.08% |
| Return on Capital Employed(in %) | 19.18% | 24.28% | 33.25% | 78.90% |
| Debt-Equity Ratio | 0.98 | 0.90 | 0.85 | 2.17 |
| Current Ratio | 1.06 | 1.10 | 1.06 | 0.74 |
| Days Working Capital | 1.98 | 3.15 | 10.72 | -68.11 |
Balance Sheet
(Amount in ₹ lakhs)
| Particulars | As at September 30, 2023 | As at March 31,2023 | As at March31, 2022 | As at March31, 2021 |
| ASSETS | ||||
| Total Non-Current Assets | 4,113.83 | 2,556.02 | 1,666.30 | 3,359.15 |
| Total Current Assets | 10,157.73 | 9,991.12 | 10,064.68 | 7,138.50 |
| Total assets | 14,271.56 | 12,547.15 | 11,730.98 | 10,497.64 |
| EQUITY AND LIABILITIES | ||||
| Total Equity | 2,760.84 | 2,140.67 | 1,369.32 | 784.43 |
| Total non-current liabilities | 1,924.51 | 1,337.07 | 850.07 | 74.21 |
| Total current liabilities | 9,586.21 | 9,069.41 | 9,511.59 | 9,639.00 |
| Total equity and liabilities | 14,271.56 | 12,547.15 | 11,730.98 | 10,497.64 |
Profit & Loss
(₹ in lakhs, unless stated otherwise)
| Particulars | For Six months ended September 30,2023 | Financial Year ended March 31,2023 | Financial Year ended March 31,2022 | Financial Year ended March 31,2021 |
| Revenue from Operations | 52,718.39 | 1,06,659.37 | 18,825.26 | 13,400.64 |
| EBITDA | 1075.19 | 993.87 | 979.66 | 1149.86 |
| EBITDA Margin (in %) | 2.04% | 0.93% | 5.20% | 8.58% |
| Net Profit after tax | 552.01 | 488.71 | 555.03 | 745.97 |
| Net Profit Margin (in %) | 1.05% | 0.46% | 2.95% | 5.57% |
Cash Flow
(₹ In Lakhs)
| Particulars | For six months ended September30, 2023 | For year ended March 31, | ||
| 2023 | 2022 | 2021 | ||
| Net cash flow generated from/ (utilized in) operating activities | -7.84 | -2,009.33 | 2,017.25 | 537.31 |
| Net cash flow generated from/ (utilized in)investing activities | -1,219.68 | -807.85 | -37.55 | -1,348.08 |
| Net cash flow generated from/ (utilized in) financing activities | 342.31 | 791.80 | -599.46 | 1,382.04 |
| Net (decrease)/ increase in cash & cash equivalents | -885.21 | -2,025.38 | 1,380.24 | 571.27 |
| Cash and cash equivalents at the beginning of the period/ year | 3,237.11 | 5,262.48 | 3,882.24 | 3,310.97 |
| Cash and cash equivalents at the end of theperiod/ year | 2,351.90 | 3,237.11 | 5,262.48 | 3,882.24 |
Capital structure
(₹ in lakhs)
| Particulars | Pre-Issue as at September 30, 2023 |
| Borrowings | |
| Short-Term Borrowings | 480.80 |
| Long-Term Borrowings | 2,237.91 |
| Total Borrowings | 2,718.71 |
| Equity | |
| Share Capital | 10.23 |
| Other Equity | 2,661.61 |
| Equity Attributable to owners of the parent | 2,671.84 |
| Non-Controlling Interest | 89.00 |
| Total Equity | 2,760.84 |
| Long-Term Borrowings/ Total Equity | 0.81 |
| Total Borrowings/ Total Equity | 0.98 |
SWOT Analysis
- Strengths:
- RNFI Services is a financial technology firm with an extensive presence across India, including urban, rural, and micro-rural areas.
- The company offers B2B and B2B2C solutions, focusing on banking, digital services, and Government-to-Citizen services.
- RNFI has a well-equipped network of agents to serve customers’ digital payment needs.
- Weaknesses:
- Financial data specific to RNFI Services Limited is not readily available in the sources I accessed.
- We lack information on the company’s debt levels, profitability margins, and other key financial metrics.
- Opportunities:
- RNFI can capitalize on the growing demand for digital payment solutions in India.
- Expanding its services to include travel packages could be a strategic move.
- Threats:
- Intense competition in the financial technology sector.
- Regulatory changes or disruptions in the digital payment landscape.
IPO Details
RNFI Services Limited IPO Details
| Feature | Details |
|---|---|
| IPO Type | SME IPO |
| Issue Size | ₹70.81 Crores (Fresh Issue) |
| Issue Price | ₹98 to ₹105 per share |
| Minimum Order Quantity | 1200 shares |
| Issue Open Date | July 22, 2024 |
| Issue Close Date | July 24, 2024 |
| Exchange | NSE SME |
Object of the issue
(₹ in Lakhs)
| Particulars | Estimated amount |
| Funding the Working Capital requirements of our Company | 2,500.00 |
| Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server | 1,081.34 |
| Strengthening our technology infrastructure to develop new capabilities | 530.00 |
| Achieving inorganic growth through unidentified acquisitions and other strategic initiatives | |
| General corporate purposes |
Litigation involved
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