Jun 5: Hyderabad-headquartered non-banking finance provider Bharat Financial Inclusion Ltd (BFIL) on Tuesday announced that it has received ‘No-objection’ from National Stock Exchange of India Ltd (NSE) and Bombay Stock Exchange (BSE) for its proposed merger with private sector lender IndusInd Bank Ltd (IBL), following comments received from the Securities and Exchange Board of India (SEBI).
“The Company 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 the Company, including undertaking given in terms of regulation 11 of SEBI (LODR) Regulation, 2015,” BFIL said in a statement.
“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.
Similarly, IBL also received the ‘No Objection’ from NSE and BSE for the said merger.
It was on March 13, 2018, IBL received ‘No-objection’ from the Reserve Bank of India (RBI) for the proposed merger of the company with IBL. The merger had received the approval of the Competition Commission of India (CCI) on December 19, 2017.