Merger Of Fincare With AU Small Finance Bank Announced

AU Small Finance Bank, based in Jaipur, has made a significant announcement on Sunday, stating its intention to acquire Fincare Small Finance Bank, which was founded by Rajeev Yadav. This acquisition is contingent upon obtaining regulatory approvals from the Reserve Bank of India, the Competition Commission of India and approval from the respective shareholders of both banks. The details of this development were revealed in an official filing by AU Small Finance Bank.

As per the terms of the agreement, shareholders of Fincare Small Finance Bank will be entitled to receive 579 equity shares of AU Small Finance Bank for every 2,000 shares they currently hold. Additionally, it was noted that the effective date of the merger will be February 1, as specified in the notice.