Aditya Birla Capital Limited said on September 18 that it has received 'no objection' from the Reserve Bank of India regarding the merger proposal of Aditya Birla Finance, the company’s wholly-owned subsidiary, with itself.
"In this regard, please note that both, the Company and Amalgamating Company have received letters dated 18 September 2024 from the Reserve Bank of India (“RBI”) whereby the RBI has accorded it’s ‘no objection’ for the Scheme," Aditya Birla Capital said in an exchange filing.
The Scheme remains subject to various statutory and regulatory approvals, including approvals from the National Company Law Tribunal, other applicable authorities and the respective shareholders and creditors of the companies involved in the Scheme, as may be required.
On March 11, the Board of Directors of Aditya Birla Capital Limited approved the amalgamation to "create a large unified operating NBFC".
The amalgamation is subject to regulatory approvals, the company said in an exchange notification.
Upon the scheme becoming effective, Vishakha Mulye shall assume the role as MD & CEO and Rakesh Singh will assume the role as Executive Director and CEO (NBFC) of the amalgamated company.
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