"The boards decided to form respective committees for the four companies to finalise the appointment of financial advisors to undertake due diligence and work out the valuation. On the basis of the due diligence, the stock-swap ratio will be worked out," Apple Finance managing director AKT Janak said. "The process of arriving the stock swap ratio will be completed in a month's time. Then, the four companies have to move an application to high courts falling within their respective jurisdiction for convening the shareholders and creditors meetings for receiving their approvals," he added. Apple Finance and Alpic Finance fall under the jurisdiction of the Bombay High Court, while Apple Credit under Chennai High Court and Srei under Calcutta high court. Both Apple Finance and Apple Credit are active in automobile and truck financing. Alpic is focussed on car and medical equipment leasing and Srei in construction equipment leasing. The four firms have an aggregate depositor base of over a million.

According to latest financial figures, the total net worth of the four firms is around Rs 750 crore. The net worth of Apple Finance is Rs 310 crore, Alpic Finance Rs 180 crore, Srei Rs 150 crore and Apple Credit Rs 108 crore. The combined paid-up equity capital is Rs 135 crore, the break-up being Apple Finance (Rs 55 crore), Alpic Finance (Rs 12 cr), Srei (Rs 53 cr) and Apple Credit (Rs 15 crore).