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16-Mar2019

Bandhan Bank gets RBI's nod for acquisition of Gruh Finance

Bandhan Bank has received no objection from the Reserve Bank of India (RBI) for the proposed acquisition of Gruh Finance, the affordable housing finance arm of HDFC. Gruh Finance was taken over by Bandhan Bank in a share-swap deal in January. As part of the deal, the bank has to transfer 14.9% stake to HDFC for merging Gruh Finance with itself.

The deal will allow the bank's promoter Bandhan Financial Holdings to come down to about 61% from about 82%, and HDFC to hold around 15% in the merged entity from about 57% in Gruh Finance. The swap ratio for the amalgamation will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.

Bandhan Bank is an Indian banking and financial services company headquartered in Kolkata, West Bengal. Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.


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