BFIL shareholders to meet on Dec 11 to OK merger with IndusInd
Bharat Financial Inclusion Ltd (BFIL) on Saturday said its shareholder meet will be held on December 11 to approve merger of the microfinance company with IndusInd Bank. This information was provided by BFIL in a regulatory filing.
The The National Company Law Tribunal (NCLT) dispensed with the meeting of unsecured creditors of the bank, it added.
The tribunal issued a directive on October 31 to hold a meeting of equity shareholders for approving the composite scheme of amalgamation.
IndusInd Bank, in October last year, decided to acquire the country’s leading microfinance player BFIL, which was previously known as SKS Microfinance.
Post merger, the new entity will have 4,000 branches and outlets as well as 16 million customers.
The merger had received a nod from the Competition Commission of India on December 19, 2017. IndusInd Bank also received a ‘no-objection’ certificate from the Reserve Bank of India for the proposed merger on March 13 this year.