Bharat Financial Inclusion Ltd (formerly SKS Microfinance Ltd) has said it has approached the Securities and Exchange Board of India, BSE and NSE for necessary approval for the merger with IndusInd Bank.
According to a filing with bourses, BFIL said it has received ‘no objection certificate’ from the Reserve Bank of India for the proposed merger.
In this regard, as on date of these financial statements, the merger has been approved by the Competition Commission of India on December 19, 2017, and the RBI has conveyed to the bank about the green signal, BIFL said.
The necessary applications for the approval of SEBI, BSE and NSE have been submitted to the stock exchanges on March 28, 2018, and the same are pending disposal as on the date of these financial statements, it said.
As on date, the scheme remains subject to the receipt of approval from SEBI/stock exchanges, the National Company Law Tribunal, the respective shareholders and creditors of the company and the bank and other applicable statutory and regulatory approvals, it added.
In October last, IndusInd Bank had decided to acquire the country’s leading micro-finance player BFIL.
The merger would be effected through an all-stock tansaction of BFIL into IndusInd through a composite scheme of arrangement.
Meanwhile, BFIL said it “reported profit after tax of ₹211 crore for Q4-FY18. It also said it registered ₹455 crore PAT in FY18, a growth of 57 per cent year-on-year.
There was 38 per cent year-on-year growth in its gross loan portfolio “to ₹12,594 crore in Q4-FY18 against ₹9,150 crore in Q4-FY17, it added.