IndusInd Bank Ltd has said that its board of directors has approved the merger with Bharat Financial Inclusion Limited to create a stronger and more sustainable platform for Financial Inclusion.
The merger will be effected through an all-stock transaction of Bharat Financial Inclusion Limited into IndusInd through a Composite Scheme of Arrangement (scheme) and all employees of Bharat Financial will become a part of IndusInd.
Accordingly, Bharat Financial Inclusion Limited’s shareholders will receive 639 shares of IndusInd for every 1,000 shares of Bharat Financial Inclusion Limited.
Bharat Financial Inclusion Limited has 1,408 branches across 347 districts which complements IndusInd Bank’s branch network of 1,210 bank branches (including 250 rural branches) and 999 Vehicle Finance outlets.
“Post-merger IndusInd will have 3,600+ banking points (excluding ATMs). IndusInd Bank’s 10 million strong customer base will stand enhanced through the addition of Bharat Financial Inclusion Limited’s 6.8 million borrowers,” the company said in a filing to the Bombay Stock Exchange.
Meanwhile, shares of the bank were trading at Rs 1715.50 apiece, down 1.98 per cent from the previous close at 09:27 hours on BSE.