Shares of IndusInd Bank and Bharat Financial Inclusion were listless in Wednesday's trade despite the Competition Commission of India approving the scheme of amalgamation between the two.

IndusInd Bank stock ended down by 0.23 per cent at Rs 1,668.40, while Bharat Financial stock closed down 0.86 per cent at Rs 1,000.60.

According to a filing with the stock exchanges, the Competition Commission of India had yesterday approved the merger of IndusInd Bank and Bharat Financial Inclusion. The scheme remains subject to the receipt of approval from the RBI and regulatory approval, including approval of the stock exchanges, SEBI, the National Company Law Tribunal and respective shareholders.

In October, IndusInd Bank had announced the takeover of micro finance lender Bharat Financial Inclusion. Chairman of the bank, R. Seshasayee, had said the acquisition would help develop reach and would be a strong partnership. The two institutions had worked together for many years and were, therefore, comfortable with each other's people and culture, he said.

The board of directors of IndusInd Bank had in September entered into a ‘confidentiality, exclusivity, and standstill agreement’ with Bharat Financial Inclusion to evaluate a potential merger between the two companies.

IndusInd Bank, had in a notice to stock exchanges, said its management has been authorised to explore strategic opportunities for the expansion of its business and to assess the viability of strategic partnership, collaboration, or restructuring opportunities.

BFIL, formerly SKS Microfinance, had a customer base of 68 lakh and loan portfolio of Rs 7,709 crore as of June 30. However, the microfinance company suffered a loss of Rs 37 crore for the quarter to June against Rs 236 crore in the same period a year ago. For 2016-17, the company had recorded a profit of Rs 290 crore.

(With inputs from PTI)

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