IDBI Home Finance gets MCA nod for merger with parent firm

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IDBI Home Finance gets MCA nod
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Pune-based IDBI Home Finance Ltd. (IHFL) received the approval from the Ministry of Corporate Affairs to merge with its parent firm IDBI Bank, after the bank's board had proposed the merger in the month of July 2010.

The company IDBI Home Finance Ltd., a wholly owned home loan subsidiary of IDBI Bank, on Wednesday filed a copy with the Registrar of Companies, NCT of Delhi and Haryana to fulfil all the conditions for the amalgamation.

For the year ended 2010, IHFL"s outstanding home loan amount increased to Rs. 3,537 crore from Rs. 3,089 crore reported during the previous fiscal year. With this merger, IDBI bank is eyeing to strengthen its home loan business and subsequently enhance its market share.

IHFL originated after the IDBI bank acquired the erstwhile Tata Home Finance in September 2003 and renamed this unit as IHFL.

Read more about: merger, idbi, loan, subsidiary
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