Bandhan Bank has received approval from the BSE and the NSE for the proposed scheme of amalgamation of Gruh Finance with the bank.
In a notification to the stock exchanges, the bank said, “BSE and NSE, have by their respective letters dated April 3, have issued their observation letters with “no adverse observation” and “no-objection” respectively, to the proposed scheme of amalgamation.”
Bandhan Bank, had in January this year, announced merger of Gruh Finance with it. The move was taken to bring down promoter holding in the bank to about 61 per cent from the current level of 82.3 per cent.
The bank, had recently received RBI nod for the merger. The scheme would be subject to receipt of other regulatory approvals including from National Company Law Tribunal and Competition Commission of India.
It usually takes anywhere between nine and 12 months for such (merger) process to be complete, CS Ghosh, Managing Director and CEO, Bandhan Bank, had said recently. The bank is hopeful of completing its merger with Gruh Finance within the timeframe.