IndusInd Bank Limited receives ‘No-objection’ from NSE, BSE for merger of Bharat Financial Inclusion Limited with IndusInd Bank Limited
Posted on Thursday, July 5th, 2018 | By IndusInd Bank
Mumbai, June 05, 2018: IndusInd Bank Limited (“IBL”) today announced that it has received “no-objection” from National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE) for the proposed merger of Bharat Financial Inclusion Limited (“BFIL”) with IBL, following comments received from the Securities and Exchange Board of India (SEBI).
IBL received “No-objection” from NSE on Friday, June 1, 2018, and from BSE on Monday, June 4, 2018, in terms of regulation 94 of SEBI (LODR) Regulation, 2015. The “No-objection” is based on the draft scheme and other documents submitted by IBL, including undertaking given in terms of regulation 11 of SEBI (LODR) Regulation, 2015.
This is one of the important approvals which would enable IBL 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.
The NSE and the BSE “No-objection” letters are available at:
On March 13, 2018, IBL received “No Objection” from the Reserve Bank of India for the proposed merger of BFIL with IBL. The merger had received the approval of the Competition Commission of India on December 19, 2017.
About IndusInd Bank :
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2018, IndusInd Bank has 1400 branches, and 2203 ATMs spread across 713 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX,
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IndusInd Bank Ltd.
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