28 May 2020 | 5:48 AM

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Bharat Financial gets bourses' nod for merger with IndusInd Bank
  Bharat Financial Inclusion Ltd. | 02 Jul 2019 | 04:01 PM
Published on 06-05-2018
Bharat Financial Inclusion Ltd (BFIL) said it has received no-objection nod from stock exchanges for its merger with private sector lender IndusInd Bank reported PTI.


BFIL (earlier SKS Microfinance) said it received no-objection from the NSE on June 1 and from BSE on June 4 for its proposed merger with IndusInd Bank following the feedback from markets regulator 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 October 14 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.