The first ever merger has been introduced in the financial and banking sector. IndusInd Bank on Saturday announced that it will acquire Bharat Financial Inclusion Ltd also known as BFIL. BFIL is country’s second largest microfinance company. This merger would increase the bank size and would reach to optimum level in future. During the meeting on saturday the board approved a composite scheme of arrangement among BFIL. The motive of this meeting was only the acquisition and merger of the two known companies.The composite scheme will be approved by RBI then applicable only.The scheme highlights the merged BFIL into IndusInd and the shareholders of BFIL will receive shares of the bank as per the approved swap ratio.
The Microfinance has suffered considerable loss of Rs. 37 crore for the June portion, as opposed to Rs. 236 crore in the same time, but a year ago.