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regular-article-logo Wednesday, 28 February 2024

AU Small Finance Bank and Fincare Small Finance Bank merging in an all-stock deal

A swap ratio of 579 equity shares of AU Small Finance Bank for every 2,000 shares of Fincare SFB has been fixed for the proposed merger, which is subject to the nod of their shareholders, Reserve Bank of India (RBI) and the Competition Commission of India

Our Special Correspondent Mumbai Published 31.10.23, 11:52 AM
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AU Small Finance Bank (AU SFB) and Fincare Small Finance Bank (Fincare SFB) are merging in an all-stock deal.

A swap ratio of 579 equity shares of AU Small Finance Bank for every 2,000 shares of Fincare SFB has been fixed for the proposed merger, which is subject to the nod of their shareholders, Reserve Bank of India (RBI) and the Competition Commission of India.

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Upon obtaining the required approvals, Fincare SFB will merge into AU SFB and shareholders of the latter will receive shares of AU SFB in exchange for their shares in Fincare SFB at the approved share swap ratio.

All employees of Fincare SFB will also become part of the AU SFB family, the lender said in a regulatory filing late on Sunday.

As on September 30, AU SFB had a net worth of Rs 11,763 crore, a deposit base of Rs 75,743 crore, gross advance of Rs 65,029 crore and a balance sheet size of Rs 95,977 crore, while the gross advances of Fincare SFB stood at Rs 10,541 crore

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