Mumbai,: IndusInd Bank Limited (“IBL”) today announced that it has received “no-objection” from National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE) for the proposed merger of Bharat Financial Inclusion Limited (“BFIL”) with IBL, following comments received from the Securities and Exchange Board of India (SEBI). IBL 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 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.
On March 13, 2018, IBL received “No Objection” from the Reserve Bank of India for the proposed merger of BFIL with IBL, also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. In the recently released Kantar Millward Brown’s BRANDZ Top 50 most valuable Indian Brands 2017 report, IndusInd Bank has retained its 12th position and has been ranked No.6 amongst banks as per the Top 50 Indian Brands. The merger had received the approval of the Competition Commission of India on December 19, 2017.