Exchanges nod for Bharat Financial merger with IndusInd Bank

Mumbai, June 5 (IANS) Non-banking finance company (NBFC) Bharat Financial Inclusion Ltd (BFIL) on Tuesday said it has received a no-objection from the stock exchanges for its proposed merger with private sector IndusInd Bank.

BFIL, earlier known as SKS Microfinance, said it received the no-objection certificates from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) earlier this month following the comments received from markets regulator, the Securities and Exchange Board of India (Sebi). 

"The no-objection is based on draft scheme and other documents submitted by the company," BFIL said in a stock exchange filing.

"This is one of the important approvals which would enable the company 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," it said. 

With the announcement coming during market hours, the BFIL stock closed on Tuesdat at Rs 1158.35 a share, up Rs 14.45, or by 1.26 per cent, over its previous close on the BSE.