New Delhi: Private lender IndusInd Bank has entered into an exclusivity agreement with Bharat Financial Inclusion Ltd (BFIL) to evaluate merger between the two companies.
"The company has entered into an exclusivity agreement with IndusInd Bank for agreeing to have an exclusive discussion with IndusInd Bank about the proposed potential strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure," Bharat Financial Inclusion said in a regulatory filing.
"The exclusivity agreement provides for a mutually agreed exclusivity period for due diligence and discussions to evaluate a potential strategic combination between the company and BFIL," IndusInd Bank said.
Both the companies, however, did not elaborate on the duration of the exclusivity period.
In March this year, IndusInd Bank said it is in talks with multiple entities for business expansion, including the widely speculated merger of Bharat Financial Inclusion.