Muktinath Development Bank to Acquire Janaki Finance and Sindhu Development Bank
Muktinath Development Bank has moved forward with plans to acquire Janaki Finance and Sindhu Development Bank after the respective boards approved the proposed acquisition.
Muktinath Development Bank Limited is set to acquire Janaki Finance Limited and Sindhu Development Bank Limited, following a decision made by the boards of directors of the respective financial institutions on Bhadra 19. As part of the acquisition process, the three institutions have signed a preliminary agreement to move the proposed transactions forward. Following the agreement, trading of shares held by the promoters of Janaki Finance and Sindhu Development Bank has been suspended. The proposed acquisitions are expected to proceed through the required regulatory and shareholder approval processes.