Micro-lender Bharat Financial Inclusion Ltd (BFIL) today said it has received a no-objection nod from stock exchanges for its merger with private sector lender IndusInd Bank.
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 BFIL through an all-stock transaction of BFIL into IndusInd through a composite scheme of arrangement. Catering mainly to the economically weaker sections of society, BFIL has a presence across 16 states, covering one lakh villages. The BFIL stock was trading 1.11 per cent higher at Rs 1,156.65 on the BSE in the afternoon.