23 September 2024
Utkarsh Small Finance Bank announced on Wednesday that it has received a proposal for a reverse merger from its holding company, Utkarsh Core Invest (UCL). The UCL board has suggested moving forward with the merger, pending approval from the relevant authorities. The reverse merger is being proposed to comply with the Reserve Bank of India's guidelines on shareholding in banking companies, which requires the promoter to reduce their shareholding to 26% within 15 years from the commencement of banking business. The bank will evaluate the proposal and other options to ensure regulatory compliance in the best interest of the bank and its stakeholders.
Utkarsh Small Finance Bank announced on Wednesday that it has received a proposal for a reverse merger from its holding company, Utkarsh Core Invest (UCL). The UCL board has suggested moving forward with the merger, pending approval from the relevant authorities. The reverse merger is being proposed to comply with the Reserve Bank of India's guidelines on shareholding in banking companies, which requires the promoter to reduce their shareholding to 26% within 15 years from the commencement of banking business. The bank will evaluate the proposal and other options to ensure regulatory compliance in the best interest of the bank and its stakeholders.
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