RUBY ENTERPRISES
Electrical sales and services
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30-10-2023
Two of the country's largest small finance banks have merged. The boards of directors of both AU Small Finance Bank (AU SFB) and Fincare Small Finance Bank (Fincare SFB) approved the all stock merger on October 29. Under Section 44A of the Banking Regulation Act, 1949, the merger plan requires the approval of the shareholders of both the banks, the RBI and the Competition Commission of India.
The merger will take effect from February 1, 2024. After receiving necessary approvals, Fincare SFB will be merged with AU SFB. Shareholders of Fincare SFB will receive shares of AU SFB in exchange for their shares in Fincare SFB at an approved share swap ratio. Also, all employees of Fincare SFB will join AU SFB.
Investment of Rs 700 crore in Fincare SFB As per the terms of the merger, the promoters of Fincare SSB will invest Rs 700 crore in Fincare SFB before the completion of the merger. This has been accepted by the concerned board. AU SFB said that after the merger, all employees of Fincare SFB will be absorbed into AU SFB. Also, Divya Sehgal, an existing director on the board of Fincare SFB, will join the board of AU SFB.
579 shares of AU on 2000 shares of FincareFincare SFB shareholders will get 579 shares in AU SFB for every 2,000 shares of Fincare SFB. After the merger, existing shareholders of Fincare SFB will hold 9.9% stake in AU SFB. Rajeev Yadav, MD and CEO of Fincare SFB, will be appointed as Deputy CEO of AU SFB after the merger. He will report to Sanjay Aggarwal, MD & CEO of AU SFB. Yadav will continue to head AU SFB's Fincare unit, which will comprise the bulk of Fincare SFB's business.
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