Utkarsh Small Finance Bank gets NSE and BSE nod for amalgamation with Utkarsh CoreInvest
Utkarsh Small Finance Bank Limited (USFBL) announced on Monday, July 7, that it has received observation letters from both the BSE and the National Stock Exchange of India (NSE) for its proposed Scheme of Amalgamation with Utkarsh CoreInvest Limited (UCL).
The scheme involves the merger of UCL (transferor company) with USFBL (transferee company), along with their respective shareholders and creditors, under Sections 230–232 of the Companies Act, 2013.
According to the bank's filing, NSE has issued a 'no objection' letter dated July 7, 2025, while BSE issued its observation letter on July 4, 2025, stating 'no adverse observations.' The approvals follow the Reserve Bank of India's (RBI) earlier 'no-objection' to the proposal, communicated in January 2025.
The exchange approvals come with certain conditions, including compliance with SEBI's regulations, full disclosure of ongoing litigations, financials not older than six months, clear rationale for the merger, disclosure of valuation methods, and ensuring that the equity shares to be issued under the scheme are in dematerialised form.
The company also confirmed that all liabilities of the transferor company will be transferred to USFBL as part of the merger. The scheme remains subject to further regulatory and statutory approvals, including from the National Company Law Tribunal (NCLT) and shareholders.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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