Question
Download Solution PDF______, the then largest NBFC - MFI got merged with IndusInd bank in July 2019.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 'Bharat Financial Inclusion Limited'.
Key Points
- The Board of Directors of IndusInd Bank Ltd. (“IndusInd”) and the Board of Directors of Bharat Financial Inclusion Limited at their respective meetings held today, have approved a merger of the two entities 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”).
- The Scheme contemplates merger of Bharat Financial with IndusInd and simultaneous transfer of Bharat Financial Inclusion Limited’s Business Correspondent operations into a Wholly Owned Subsidiary of IndusInd, which shall be incorporated after receipt of requisite regulatory approvals (“BC-WOS”).
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