MUMBAI: Mid-sized private lender IndusInd BankBSE 0.47 % today said it is in talks with multiple entities for business expansion, including the widely speculated merger of Bharat Financial Inclusion (BFI).

“…the management has been exploring strategic alternatives, and engaging in discussions from time to time with various parties, including Bharat Financial, as and when required,” the bank said in a late evening exchange filing.

In the statement issued to bourses following media reports that IndusInd and BFI (formerly SKS Microfinance) are likely to announce a merger in an all-stock deal, the bank said the management has been authorised to evaluate strategic opportunities for business expansion.

It soon added that no decision has yet been made in this regard by either the board or any of the committees and also termed the media reports as “speculative”.

As per the reports, the merger ratio is likely to be 10:7, wherein shareholders will get seven shares of IndusInd Bank for every 10 shares of BF. In its clarification to bourses yesterday, BF said it had been exploring various options but termed the…