BFIL share­hold­ers to meet on Dec 11 to OK merger with In­dusInd

Business Standard - - COMPANIES -

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.

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