IndusInd shareholders vote on merger with ALFL

By Our Banking Bureau | 20 Mar 2004

Pune: Voting took place yesterday at the extra ordinary general meeting of IndusInd Bank for the proposed merger of Ashok Leyland Finance Ltd (ALFL), a non-banking finance company, with the bank. The results are expected to be known today.

Earlier, on March 16, the shareholders of ALFL had given their approval for such a merger at the AGM in Chennai.

Speaking to newspersons, Mr Bhaskar Ghose, Managing Director, IndusInd Bank, said that the bank was poised to grow substantially with the acquisition of ALFL, which has assets over Rs 2,500 crore, and the customer base would increase by five lakh.

The appointed date of the scheme is April 1, 2003. The shareholders of both entities have cleared the merger and formal approval from the High Courts of Mumbai and Chennai are awaited.