Private sector lender IndusInd Bank has received a ‘No-Objection’ from the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) for its proposed merger with Bharat Financial Inclusion (BFIL).

“The ‘No-Objection’ is based on the draft scheme and other documents submitted by IndusInd Bank, including undertaking given in terms of Regulation 11 of SEBI (LODR) Regulation, 2015,” the bank said in a statement.

While the NSE gave its ‘No-Objection’ on June 1, the BSE gave the clearance on June 4.

All-stock transaction

This go-ahead is a key approval that will enable the lender to file the draft scheme of amalgamation with the National Company Law Tribunal (NCLT), Mumbai, the bank added.

IndusInd Bank, in October last year, announced plans to acquire the country’s leading microfinance company, BFIL, which was previously known as SKS Microfinance. The merger will be effected through an all-stock transaction of BFIL into IndusInd through a composite scheme of arrangement.

The merger hadreceived approval from the Competition Commission of India on December 19, 2017.

IndusInd Bank also received a ‘No Objection’ from the Reserve Bank of India for the proposed merger on March 13 this year.

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