Thursday, June 20, 2019

IndusInd Bank and Bharat Financial Merger Record Date July 4, 2019

IndusInd Bank and Bharat Financial merger will be effective from 04-July-2019 Thursday. The record date of the merger is 04-July and the merger ratio will be 1000:639 it means 639 shares of IIB will be received against every 1000 shares held in BFIL.

In last October 2018 IndusInd Bank decided to acquire  micro-finance player Bharat Financial previously known as SKS Microfinance. In this merger Bharat Financial shareholders will get 639 shares of IndusInd Bank for every 1,000 shares held.

Checkout BSE Notice of IndusInd Bank and Bharat Financial Merger.

"Induslnd Bank Limited ("the Bank') and Bharat Financial lnclusion Limited ("BFIL), at their respective meetings ofthe Board convened today. have inter alia considered and noted the NCLT Order datcd Junc 10, 2019 sanctioning the Scheme of Araangement among BFIL, the Banli and Induslnd Financial Inclusion Limited ("IFIL") and their respective Shareholders and Crcditors ("Scheme").

The Boards lixed Thursday, July 4, 2019 as the Effective Date ofthe Scheme, on which date the NCLT Order will be filed by the Bank, BFIL and IFIL with theju sdictional Registrar of Companies. Certified copy ofthe NCLT Order was received on June 13, 2019 and in tems of the NCLT Order, the same lras to be filed within 30 days, i.e. on or before July 12, 2019.

Thursday, July ,1, 2019 shall also be the Record Date, following the effectiveness of the Scheme, for determining the shareholders of BFIL who shali be entitled to receive shares of the Bank, as consideralion pursuant to thc Scheme.

Pursuant to the Scheme. all the assets and liabilities ofBFIL shall become assets and liabilities ofthe Bark with effect from the Appointed Date, being January 1, 2018. Simultaneously with Amalgamation, the Business Correspondent undefiaking of BFIL shall be transfened 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." Read More