UAE Exchange branch
UAE Exchange is the biggest name in the Finablr portfolio. But the remittance company is currently under multiple investigations over missing funds. Image Credit: Ahmed Ramzan/Gulf News Archives

London: The Dr. B.R. Shetty founded Finablr confirmed that Prism Advance Solutions has made a takeover offer for the UK-listed payments group that includes restructuring and settlement of its debts. But it gave no further details on the bid size.

The proposed deal would provide working capital for Finablr and its subsidiaries and Prism will restructure the company's board. Finablr said it would negotiate a share purchase agreement with Prism.

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"After months of hard work under very trying liquidity conditions compounded by the impact of the coronavirus on our operations, I am excited to now go forward with Prism," Finablr CEO Bhairav Trivedi said.

The bid, approved by the Finablr board, comes after a tumultuous time that saw the company warn it might have nearly $1 billion more in debt than what it reported before, while British tax authorities suspended business registrations of two of its units.

Finablr's founder and Indian billionaire BR Shetty stepped down as co-chairman in August, as some of the companies backed by him came under severe financial strain after it emerged earlier in the year they had undisclosed debt and alleged fraudulent transactions.

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Finablr eventually flagged in March that it was preparing for potential insolvency.