IndusInd-BFIL Merger update, RBI nod for incorporation of a wholly-owned subsidiary of IndusInd Bank

Mumbai : The Reserve Bank of India today given its approval for incorporation of a wholly owned subsidiary of IndusInd Bank Limited as part of the composite scheme of arrangement between IndusInd Bank Limited and Bharat Financial Inclusion Limited.

“The Bank had received no-objection of the Reserve Bank of India (‘RBI’) for the Amalgamation on March 13, 2018. By way of update, we would like to inform you that the RBI has, vide a letter dated June 8, 2018, conveyed its approval for incorporation of a wholly owned subsidiary of the Bank, as part of the amalgamation of BFIL with the Bank, subject to the terms and conditions specified therein” IndusInd Bank said in a regulatory filing.

The Bank had received the approval of the Competition Commission of India in relation to the amalgamation on December 19, 2017, and ‘no-objection’ from the NSE and BSE in relation to the draft Scheme on June 1, 2018 and June 4, 2018 respectively.

The Scheme remains subject to approval from the National Company Law Tribunal shareholders, creditors of BFIL & the Bank