India's AU Small Finance Bank to merge with Fincare - exchange notice

AU Small Finance Bank

30/10/2023 01:20

MUMBAI, Oct 30 (Reuters) - India's AU Small Finance Bank
 AUFI.NS  will merge with Fincare Small Finance Bank, it said in
an exchange notice late on Sunday.
    Shareholders of Fincare Small Finance Bank will receive 579
equity shares of AU Small Finance Bank for every 2,000 shares
held as part of the merger agreement.
    After the merger, existing shareholders of Fincare will hold
close to 9.9% in AU Small Finance Bank, an accompanying investor
presentation said.
    The combined entity will have a balancesheet of 1.1 trillion
rupees ($13.21 billion).
     The transaction is subject to approval from the Reserve
Bank of India. The appointed date for the amalgamation is set
for Feb. 1, 2024.

    

($1 = 83.2770 Indian rupees)

 (Reporting by Ira Dugal; Editing by Rashmi Aich)
 ((Ira.Dugal@thomsonreuters.com; +91-9833024892;))