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IndusInd Bank moves a step closer to completing Bharat Financial deal

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IndusInd Bank moves a step closer to completing Bharat Financial deal

IndusInd Bank Ltd. moved a step closer to closing its acquisition of Bharat Financial Inclusion Ltd. after getting approval from India's central bank to incorporate a wholly owned subsidiary as part of the pending deal.

In a June 8 statement, IndusInd Bank noted that it had already received clearance from the central bank for the deal in March. The National Stock Exchange of India and Bombay Stock Exchange also granted their approval for the deal earlier in June.

Under the deal, IndusInd Bank agreed to acquire Bharat Financial Inclusion in an all-stock transaction in October 2017. Following the closing of the deal, Bharat Financial will become a subsidiary of IndusInd Bank.

The deal is still subject to approval from the National Company Law Tribunal and other necessary approvals.