Services of 229 contractual employees in ITIs extended for a year
These employees are engaged on a contract basis in various ITIs of Delhi.
The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank Limited and AU Small Finance Bank Limited, the Commission said on Wednesday.
The Proposed Combination involves the merger of Fincare and AU, with AU being the surviving entity (merged entity). The shareholders of Fincare will be allotted shares in the merged entity, post the Proposed Combination.
In October last year, the Boards of AU Small Finance Bank and peer Fincare Small Finance Bank had met to approve an all-stock merger of the two entities.
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The merger terms indicated that Fincare SFB shareholders shall receive 579 shares in AU SFB for 2,000 shares of Fincare SFB. Post-merger, existing shareholders of Fincare SFB shall hold around 9.9 per cent in AU SFB.
For AU SFB, the deal will mean getting a diversified portfolio and a better reach. The merged entity will have more than 98 lakh customers, pro forma gross advances of Rs 75,570 crore, more than 43,000 employees, and 2,334 touch points across 25 states and union territories.
AU SFB was the only NBFC that got the licence to start an SFB whereas the remaining successful SFB candidates had a micro finance background.
It is also licensed to transact business under AD-II bank category (foreign exchange), and is also engaged in provision of ancillary functions such as distribution of insurance and investment products such as mutual funds, and portfolio management services.
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