Kolkata-based Bandhan Bank Tuesday said it has received approval of the Competition Commission of India (CCI) for the proposed acquisition of Gruh Finance.
Gruh Finance, the affordable housing finance arm of HDFC, was taken over in January by Bandhan Bank in a share-swap deal. Last month, the private sector lender received a nod in this regard from the Reserve Bank of India.
“The Competition Commission of India has by way of its letter dated April 15, 2019, intimated that CCI, at its meeting held on April 15, 2019, considered the proposed combination and approved the same,” the bank said in a regulatory filing. As part of the deal, Bandhan Bank has to transfer 14.9 per cent stake to HDFC for merging Gruh with itself.
Full Content: Times of India
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