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India's central bank approves Bandhan Bank/GRUH Finance deal

India's central bank approved Bandhan Bank Ltd.'s proposed acquisition of GRUH Finance Ltd.

Bandhan Bank said it received a letter from the Reserve Bank of India conveying that the central bank has no objection to the planned acquisition, according to a March 15 filing.

Meanwhile, Housing Development Finance Corp. Ltd., the parent company of GRUH Finance, said it has received in-principle approval from the central bank to acquire a stake of up to 9.9% in Bandhan Bank after the deal is completed. HDFC sought approval from the central bank to acquire a stake of up to 14.96% in Bandhan Bank after the deal's closing.

The proposed deal remains subject to applicable regulatory and other approvals.