IndusInd Bank (IBL) has received ‘no-objection’ from National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) for the proposed merger of Bharat Financial Inclusion (BFIL) with itself, following comments received from the Securities and Exchange Board of India (SEBI).
IBL received ‘No-objection’ from NSE on June 1, 2018, and from BSE on June 4, 2018. The ‘No-objection’ is based on the draft scheme and other documents submitted by IBL, including undertaking given in terms of regulation 11 of SEBI (LODR) Regulation, 2015.
This is one of the important approvals which would enable IBL 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.
