Bandhan Bank gets CCI approval to acquire Gruh Finance

Bandhan Bank gets CCI approval to acquire Gruh Finance

• Bandhan Bank has received the approval of the Competition Commission of India (CCI) for the proposed acquisition of Gruh Finance on April 15, 2019.
• Gruh Finance, the affordable housing finance arm of HDFC Ltd, was taken over in January by Bandhan Bank in a share-swap deal.
• The merger deal will reduce the shareholding of Bandhan Bank’s promoter Bandhan Financial Holdings’ in Bandhan Bank to about 61% from the current 82%.
• Post merger, HDFC will hold 14.9% stake in the merged entity from about 57% in Gruh Finance.
• The shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held.