Money & Banking

NCLT approval awaited for Bandhan Bank-GRUH Finance merger

Surabhi Mumbai | Updated on August 19, 2019

Bandhan Bank Managing Director and CEO, Chandra Shekhar Ghosh, on Monday said the lender is awaiting approval from the NCLT for its proposed merger with GRUH Finance.

"We are still waiting for approval from NCLT for the merger with GRUH," he told BusinessLine on the sidelines of FIBAC 2019.

He said Bandhan Bank will decide later on a further reduction in promoter stake holding in the lender, but did not specify any timeline.

The boards of Bandhan Bank and GRUH Finance had in January this year approved the merger, which was then cleared by the Reserve Bank of India in March.

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Published on August 19, 2019
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