Bharat Financial Inclusion, which is formalizing a merger with IndusInd Bank is now awaiting an approval from the Securities and Exchange Board of India (Sebi). The merger proposal has already received approvals from the Reserve Bank of India and the Competition Commission of India. The required approval from Sebi may take another 6 to 9 months, according to the company sources/ As per the merger proposal, announced in mid-October 2017, BFIL shareholders will receive IndusInd Bank’s shares as consideration – 639 shares of the bank for 1,000 shares of BFIL. The merger envisages transfer of BFIL’s BC operations into a wholly-owned subsidiary of the bank. The merger proposal is also before BSE and the NSE.
