Bharat Financial gets bourses’ nod for merger with IndusInd Bank1 min read . Updated: 05 Jun 2018, 03:16 PM IST
Bharat Financial receives no-objection nod from BSE and NSE for its merger with IndusInd Bank
New Delhi: Micro-lender Bharat Financial Inclusion Ltd (BFIL) on Tuesday said that it has received no-objection nod from stock exchanges for its merger with private sector lender IndusInd Bank.
BFIL, formerly known as SKS Microfinance, said it received no-objection from the NSE on 1 June and from BSE on 4 June for its proposed merger with IndusInd Bank following the feedback from the Securities and Exchange Board of India (Sebi).
The no-objection is based on draft scheme and other documents submitted by the company, it added.
“This is one of the important approvals which would enable the company to file the draft scheme of amalgamation, as approved by the boards of directors of both the entities on 14 October 2017, with the National Company Law Tribunal (NCLT), Mumbai," BFIL said in a regulatory filing.
IndusInd Bank had decided to acquire the BFIL through an all-stock transaction of BFIL into IndusInd through a composite scheme of arrangement.
Catering mainly to the economically weaker sections of the society, BFIL has presence across 16 states covering one lakh villages.
At 3.08pm, Bharat Financial shares rose 1.42% to Rs1,160.10, while InduInd Bank gained 0.26% to Rs1902.