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RBI says no objection, clears IndusInd Bank-Bharat Financial merger

The merger will be effected through an all-stock transaction of BFIL into IndusInd through a Composite Scheme of Arrangement

Press Trust of India 

RBI office

today said the Reserve has approved the merger of Limited with the

The has, vide its letter dated March 13, 2018, conveyed its "no objection" for the voluntary amalgamation of BFIL with the Bank, subject to compliance with certain terms and conditions, said in a filing to BSE.

The scheme remains subject to the receipt of approval from the stock exchanges, Sebi, the National Company Law Tribunal, the respective shareholders and creditors of BFIL and the Bank and other applicable statutory and regulatory approvals, it added.

in October last year decided to acquire the country's player Ltd (BFIL).

The merger will be effected through an all-stock transaction of BFIL into IndusInd through a Composite Scheme of Arrangement.

Post merger, the new entity will have 4,000 branches and outlets and 16 million customers.

First Published: Tue, March 13 2018. 22:14 IST
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