Indiabulls Housing announces merger of two subsidiaries

NEW DELHI: Indiabulls Housing Finance on Thursday said it has got the court’s approval for merger of its two subsidiaries.

The Delhi High Court has approved the scheme of arrangement, involving merger of Indiabulls Finance Company Private Limited (IFCPL) with Indiabulls Commercial Credit Limited (ICCL), both wholly owned subsidiaries of the company, Indiabulls Housing Finance said in a statement.

“The Scheme has become effective from March 31, 2016, in terms whereof IFCPL, as a going concern, stands merged with ICCL, with effect from April 1, the appointed date under the Scheme,” it said.