The merger of IndusInd Bank-Bharat Financial effective from July 4

The merger of Mumbai based Private sector lender ,IndusInd Bank and country’s leading micro-finance player, Bharat Financial Inclusion Ltd (BFIL) of Hyderabad will be effective on July 4, 2019.
Key points:

• The boards of IndusInd and BFIL decided that on July 4, the NCLT (National Company Law Tribunal )Order will be filed by BFIL and IFIL with the Registrar of Companies.
• On June 10, 2019, The NCLT sanctioned the scheme of arrangement about BFIL, IndusInd, and IFIL (Induslnd Financial Inclusion )and their respective shareholders and creditors.
• In October 2018, IndusInd Bank decided to merge with BFIL which was previously known as SKS Microfinance.
• M R Rao, the current CEO of BFIL, will become the CEO of IndusInd Financial Inclusion Ltd (IFIL).
• The shareholders of Bharat Financial will get 639 shares of the bank for every 1,000 shares held.
• The Business Correspondent of BFIL will operate under IFIL and the Assets and liabilities of BFIL will be merged with IndusInd’s balance sheet.

About IndusInd Bank:
♦ CEO: Romesh Sobti
♦ Owner: Hinduja Group

About  BFIL
♦ Founder: Vikram Akula
♦ Founded: 1998