HOME > BUSINESS > IndusInd Bank enters merger talks with SKS Microfinance

IndusInd Bank enters merger talks with SKS Microfinance

Bharat Financial Inclusion, formerly known as SKS Microfinance, said it has entered into exclusive discussion with IndusInd Bank on a potential “strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure.”

SKS Microfinance is a non-banking finance company (NBFC) was founded in 1997 by Vikram Akula, who served as its executive chair until November 2011.

The company’s mission is to provide financial services to the poor under the premise that providing financial services to poor borrowers helps to alleviate poverty.

It is considered the pioneer of the modern micro-finance industry in India.

The company had earlier said it was exploring various strategic opportunities.

“The agreement (with IndusInd Bank) primarily provides for confidentiality of information and discussion and finalisation of the terms and conditions relating to the proposed transaction with a view to entering into a definitive documentation after the necessary approvals.

“The proposed transaction would be subject to due diligence, approval of the Boards, shareholders, statutory/regulatory and other third party approvals as may be required under the applicable laws,” it added.

Follow ULTRA.news
Strides Shasun says Eris deal to help reprioritize business, lower debt Pharma major Strides Shasun said it agreed to sell its India branded generics business to Eris LifeSciences Limited for Rs 500 cr in cash."This transaction is the outcome of the company's portfolio reprioritization, to focus more sharply on larger regulated markets," it said...
PVR acquires stake in US luxury theater chain iPic PVR Limited, India's largest theater chain, said it agreed to acquire a minority stake in US-based luxury restaurant-and-theater company iPic-Gold Class Entertainment, LLC.The US company operates 16 luxury theaters with 121 screens across 10 States in the United States, PVR s...
SSG Capital increases stake in Cox & Kings group Cox and Kings said Private Equity firm SSG Capital acquired the 34.42% stake held by Rohatyn Group in its subsidiary Prometheon Holdings (UK) Limited. SSG Capital Group also owns 2.72% stake in Cox & Kings Ltd.Prometheon Holdings is the Holding company of Holidaybreak, which...
Tata Teleservices loses 7.3% subscribers in October in Maharashtra Tata Teleservices, the mobile telecom arm of the Tata Group that was sold to Bharti Airtel last month, lost about 7.3% of its nearly 7 mln mobile subscribers in Maharashtra and Goa, according to a regulatory filing by the company.Tata Telservices Maharashtra Ltd, as the compa...
American Tower Corp buys towers of Idea and Vodafone in India for $1.2 bln Vodafone India and IdeaCellular Ltd said they agreed to sell their standalone tower businesses in India to the local unit of American Tower Corp for an aggregate enterprise value of Rs 7,850 cr (US $1.2 billion).In case the sale is completed before the merger of Vodafone Ind...
Just Dial says no acquisition proposal from Google ‘yet’ Just Dial, the local classifieds company, said it "does meet relevant corporates for exploring any business or strategic opportunities and tie-ups", but there is no proposal to be acquired by Google "as of now".The statement came in response to a report in the Business Stand...
TeamLease buys 40% of education technology start-up Schoolguru TeamLease Services, one of India’s largest staffing companies, said it has agreed to acquire 40% of Schoolguru Eduserve Private Limited, an Online Learning company that works with 18 Universities.Established in 2012, Schoolguru provides services to Indian Universities to help...
RCom says still talking to Brookfield, others to sell towers Reliance Communications said it is in talks with several parties, including Brookfield Asset Management, to sell its tower assets."The Company is renegotiating the tower transactions with all the interested parties including Brookfield Infrastructure Group," it said.The...
Ruchi Soya Industries sold to Devonshire Capital Ruchi Soya Industries said global private equity player Devonshire Capital will buy 51% of the company and 100% of certain of its 'branded packaged oils distribution business'.The money will be substantially utilized for payment to all lenders over a period of time, it said. ...
UFO Moviez, Qube announce merger, ratio 64:36 Two of India's top satellite-based cinema feed providers, UFO Moviez and Qube Cinema Technologies, have decided to merge to take advantage of higher scale.The merger ratio and valuation will be 63.6% for UFO and 36.4% for Qube Digital.Currently, UFO supplies its movie fee...
IDBI Bank losses narrow, NII rises 18% QoQ IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter.Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 ba...
Alembic Pharma buys US-based generics manufacturer Alembic Pharmaceuticals said it bought New Jersey-based generic drug developer Orit Laboratories LLC, which will bring seven approved generics and four applications with it.Orbit has "a team of eight highly experienced scientists," Alembic said, adding that the firm focuses ...
RCom to issue shares to MTS, to pay earn-out fees in case of 4G conversion Reliance Communications said it the company's board has approved the issue of fresh shares in the company to the shareholders of Sistema Shyam Teleservices Ltd, which operates the MTS brand of telecom services in India.RCom's merger with MTS received the government's approva...
Bharti Infratel to try to buy Vodafone & Idea stake in Indus Towers Bharti Infratel, the tower arm of Bharti Airtel, said it has decided to explore the possibility of buying out the stakes of Idea Cellular and Vodafone in rival tower company Indus.Bharti and Vodafone currently own about 42% each in Indus, while Idea holds about 11%. As a res...
AU Small Finance Bank NII up 12% in Q2 AU Small Finance Bank reported net interest income of Rs. 220 crore in the second quarter ended September, up 12% on year.Total Income was Rs 508 crore, up 41% and PAT was Rs 68 crore for Q2FY18 as against Rs 62 crore in Q1FY18."Q2 was the first full quarter of operati...
SIDBI and AU SFB to jointly lend to small businesses AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses.Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18.The program will targ...
Cognizant to beef up digital practice with acquisition of Zone Continuing the trend of IT outsourcing companies topping up their digital practice with targeted acquisitions, Cognizant said it agreed to acquire Zone, a digital agency specializing in customer experience, digital strategy, technology and content creation.The transaction i...
Wipro increases stake in Oracle cloud specialist Drivestream to 44% IT company Wipro Ltd said it increased its stake Drivestream, which focuses on implementing Oracle's cloud solutions, to 43.7% from 26.1% by investing around Rs 26 cr.Wipro had first invested in the company about four months ago, and seems to have liked what it saw. It made ...
Ramco wins multi-million managed services deal from British MNC Bank Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services.Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 co...
Reliance Communications says MTS merger to be closed in 2 weeks, gets DoT nod Reliance Communication Ltd said it received the approval of Department of Telecommunication (DoT) for its merger with Sistema Shyam Teleservices Limited or SSTL, which runs MTS branded services in India.With this, the Anil Ambani Group company has received all the major regu...