IndusInd Bank, Bharat Financial gain over 2% after fixing record date for merger

IndusInd Bank and Bharat Financial Inclusion shares gained more than 2 percent each on June 20 after both companies board members fixed July 4 as the record date for merger.

"All assets and liabilities of Bharat Financial shall become assets and liabilities of the Bank with effect from the appointed date, being January 1, 2018. Simultaneously with amalgamation, the business correspondent undertaking of Bharat Financial shall be transferred to IFIL, a wholly-owned subsidiary of the Bank. All assets and liabilities originated by IFIL will be booked in the balance sheet of the Bank," IndusInd said in its BSE filing.

The Bank further said both board members fixed July 4, 2019 as the effective date of the scheme, on which date the NCLT Order will be filed by the bank, Bharat Financial and IFIL with Registrar of Companies.

July 4 will also be the record date, following the effectiveness of the scheme, for determining the shareholders of Bharat Financial who shall be entitled to receive shares of the bank, as consideration pursuant to the scheme, it added.