The proposed merger between Aadhar Housing Finance and DHFL Vysya Housing Finance has hit the final lap with it got the nod from housing finance regulator National Housing Bank (NHB). Aadhar Housing Finance Chief Executive Officer Deo Shankar Tripathi stated that it had applied to National Company Law Tribunal (NCLT) for the next stage approval.
Both the companies are owned by Wadhawan family promoted Wadhawan Global Capital Pvt Ltd. International Finance Corporation owns 20% in Aadhar Housing, while DHFL Vysya is fully owned by Wadhawan family.
According to the merger plan, Aadhar Housing will merge into DHFL Vysya, making it a pan-India company. Both the companies operate in mutually exclusive locations at present. Post merger, the Wadhawan family would own 82% in the merged entity and the balance 18% will be with institutions including IFC. The merged entity is proposed to be named as Aadhar Housing Finance, subject to NCLT’s approval.
Static takeaways for IBPS PO Exam-
- Aadhar Housing Finance Chief Executive Officer is Deo Shankar Tripathi
- The government has initiated a plan “Housing for All by 2022” with the focus to build affordable dwelling units for the lower-income group and wage earners
- National Housing Bank is wholly owned by Reserve Bank of India
- NHB was set up on July 9, 1988, under the National Housing Bank Act, 1987
- The Head Office of NHB is at New Delhi
- Shri Sriram Kalyanaraman is the Managing Director & Chief Executive Officer of National Housing Bank.
Source- The Economic Times