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Bandhan Bank has received approval from the Competition Commission of India (CCI) for the proposed scheme of amalgamation of Gruh Finance with the bank.
In a notification to the bourses on Tuesday, Bandhan Bank said: “The CCI has by way of its letter dated April 15, 2019, intimated that CCI, at its meeting held on April 15, 2019, considered the proposed combination and approved the same under sub-section (1) of Section 31 of the Competition Act, 2002.”
Bandhan Bank had, in January, announced the merger of Gruh Finance with it. The move was taken to bring down promoter holding in the bank to 61 per cent from 82.3 per cent.
According to the share-swap ratio, for every 1,000 shares of Gruh Finance, shareholders will get 568 shares of Bandhan Bank. The bank, which had received RBI nod for the scheme, had recently got approval from the BSE and the NSE.
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