Financial Daily from THE HINDU group of publications
Saturday, Mar 20, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 20, 2004 |
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Money & Banking
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Private Banks IndusInd AGM votes on merger with ALFL Our Bureau
Pune , March 19 A POLL was conducted on Friday at an EGM of IndusInd Bank for the proposed merger of Ashok Leyland Finance Ltd (ALFL), a non-banking finance company, with the bank. The results are expected to be released tomorrow. Earlier, on March 16, the shareholders of ALFL had given their approval for such a merger at the AGM in Chennai. Speaking to newspersons, Mr Bhaskar Ghose, Managing Director, IndusInd Bank, said that the bank was poised to grow substantially with the acquisition of ALFL, which has assets over Rs 2,500 crore, and the customer base would increase by five lakh. The appointed date of the scheme is April 1, 2003. The shareholders of both entities have cleared the merger and formal approval from the High Courts of Mumbai and Chennai are awaited.
More Stories on : Private Banks | Mergers & Acquisitions | NBFCs
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