Bharat Financial Inclusion Limited (formerly known as SKS Microfinance Limited) today said it has received No-objection letters from BSE and NSE for merger with IndusInd Bank.
"Bharat Financial Inclusion Limited (earlier SKS Microfinance Limited) today announced that it has received 'No-objection' from National Stock Exchange of India Limited and Bombay Stock Exchange for its proposed merger with IndusInd Bank Limited, following comments received from the Securities and Exchange Board of India," BFIL said in a press release.
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 Microfinance company said.
This is one of the important approvals which would enable the company file the draft scheme of amalgamation, as approved by the Boards of Directors of both entities on October 14, 2017, with the National Company Law Tribunal (NCLT), it added.
On March 13, 2018, IBL received 'No-objection' from the Reserve Bank of India for the proposed merger of the company with IBL.
The merger had received approval of the Competition Commission of India on December 19, 2017.
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