ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • No more work from home for this tech giant employees, sets September 5 as deadline - details
  • Good news for government employees of THIS state - DA hiked by 3% - details
  • Mumbai gets 10 more AC local trains - check timings, full schedule and route
  • No more work from home for this tech giant employees, sets September 5 as deadline - details
  • Go Digit General Insurance IPO coming soon: Fairfax-backed firm files IPO papers with Sebi
Read in App
Business News » Companies News

IndusInd Bank, Bharat Financial Inclusion Limited decides to merge on July 4

The Boards fixed Thursday, July 4, 2019 as the Effective Date of the Scheme, on which date the NCLT Order will be filed by the Bank, BFIL and IFIL with the jurisdictional Registrar of Companies. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
IndusInd Bank, Bharat Financial Inclusion Limited decides to merge on July 4
Thursday, July 4, 2019 shall also be the Record Date, following the effectiveness of the Scheme, for determining the shareholders of BFIL. Photo: Reuters

IndusInd Bank Limited and Bharat Financial Inclusion Limited (BFIL), at their respective meetings of the Board convened on June 19, have inter alia considered and noted the NCLT Order dated June 10, 2019 sanctioning the Scheme of Arrangement among BFIL, the Bank, and IndusInd Financial Inclusion Limited (IFIL) and their respective Shareholders and Creditors. The Boards fixed Thursday, July 4, 2019 as the Effective Date of the Scheme, on which date the NCLT Order will be filed by the Bank, BFIL and IFIL with the jurisdictional Registrar of Companies. Certified copy of the NCLT Order was received on June 13, 2019 and in terms of the NCLT Order, the same has to be filed within 30 days, i.e. on or before July 12, 2019. 

Thursday, July 4, 2019 shall also be the Record Date, following the effectiveness of the Scheme, for determining the shareholders of BFIL who shall be entitled to receive shares of the Bank, as consideration pursuant to the Scheme.

Commenting on the effectiveness of the Scheme from July 4, 2019, Romesh Sobti, MD & CEO at IndusInd Bank Limited said, "IndusInd Bank embarked on its transformational Rural strategy over 3 years ago, the Scheme of Arrangement with BFIL being the anchor point. We are delighted that the talent, capabilities and distribution of BFIL will enable the Bank to play a more meaningful role in Rural India fulfilling our ambition of building financial inclusiveness and sustainability in large swathes of unbanked and underbanked India." 

MR Rao, MD & CEO at BFIL said, "The merger with IndusInd Bank Limited will enable our 8.8 million microfinance customers to access savings, deposits and other banking products. The merger will help us boost financial inclusion in its truest form." 

Pursuant to the Scheme, all the assets and liabilities of BFIL shall become assets and liabilities of the Bank with effect from the Appointed Date, being January 1, 2018. Simultaneously with the Amalgamation, the Business Correspondent undertaking of BFIL shall be transferred to IFIL, a Wholly-Owned Subsidiary of the Bank. All the assets and liabilities originated by IFIL will be booked in the Balance Sheet of the Bank. 

The Board of Directors at their meeting held on June 19 decided to take on record and publish Consolidated Financial Results for the quarter ending June 30, 2019, on July 12, 2019. A separate intimation in this regard shall be submitted to the Stock Exchanges pursuant to SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. 

In accordance with the Scheme and pursuant to its effectiveness, the Bank will issue and allot to those Shareholders of BFIL whose names would appear in the register of members of BFIL on the Record Date, 639 (Six hundred and thirty-nine) Equity shares of the Bank, credited as fully paid up, for every 1,000 (One thousand) Equity shares of the face value of INR 10/- (Rupees ten) each fully paid-up held by such member in BFIL. 

The Scheme also contemplates a preferential allotment of Share Warrants to the Promoters of the Bank in accordance with the Scheme. Each share warrant, upon exercise, shall entitle the Promoters to one Equity share. The Share Warrants shall be issued to the Promoters of the Bank at Rs. 1,709 per warrant, which has been determined in accordance with the applicable SEBI regulations and is confirmed by the NCLT Order. Pursuant to the Scheme, the Promoters of the Bank shall pay an amount equivalent to 25% of the aggregate consideration for the Share Warrants on the Effective Date of the Scheme.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
IndusInd BankIndusInd Bank - Bharat Financial dealBharat Financial Inclusion Ltd
Written By: ZeeBiz WebTeam
Updated: Thu, Jun 20, 2019
09:56 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
IndusInd Bank, EazyDiner offer heavy discounts on new Credit Card for foodies - Key benefits IndusInd Bank, EazyDiner offer heavy discounts on new Credit Card for foodies - Key benefits
Wipro, IndusInd Bank shares: What should investors do with these stocks post June earnings?  Wipro, IndusInd Bank shares: What should investors do with these stocks post June earnings?
IndusInd Bank Q1FY23 Results: Private lender reports strong earnings, profit jumps 61% to Rs 1,631 cr YoY IndusInd Bank Q1FY23 Results: Private lender reports strong earnings, profit jumps 61% to Rs 1,631 cr YoY
IndusInd Bank Q1 Results Preview: Private lender likely to report strong earnings, profit may surge up to 66% YoY IndusInd Bank Q1 Results Preview: Private lender likely to report strong earnings, profit may surge up to 66% YoY
RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank

LATEST NEWS

Aarti Drugs share price rises 11% amid buzz over anti-dumping duty on Ofloxacin imports from China

Apple iPhone 14 Pro Max color options leaked? All you need to know ahead of September launch

Gondia train accident news today: Bhagat Ki Kothi express derailed after hitting goods train

NEET Answer Key 2022 to be released on neet.nta.nic.in: Steps to download from direct link

SSC CGL Admit Card 2022 Tier 3 released on ssc.nic.in: Steps to download from direct link and check exam date

DA Hike: Salary of government employees in THIS state increased by 6%

Mukul Agrawal stock: This small-cap pharma company share price zooms 8% – Here’s why

"It is our moral duty to ensure best deal, India can't afford higher oil prices..." EAM Jaishankar on importing Russian oil

Anil Singhvi's Strategy on August 17: Market Guru gives Nifty, Bank Nifty support zones; check key levels today

Odisha floods: Situation in Mahanadi river remains grim, over 2 lakh people affected in 10 districts

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV