The important reason for merger by Bandhan Bank is to meet minimum shareholding norms set by SEBI.
Bandhan Bank
shares gained 3 percent intraday on June 24 after the company received approval from National Company Law Tribunal for the merger with GRUH Finance.
The stock was quoting at Rs 537.40, up Rs 6.75, or 1.27 percent on the BSE at 1204 hours IST.
“The National Company Law Tribunal by way of its order dated June 20, approved the scheme of amalgamation of GRUH Finance into and with Bandhan Bank,” the Kolkata-based bank said in its BSE filing.
In January 2019, Bandhan Bank and GRUH Finance announced a scheme of amalgamation and according to the share swap ratio, for every 1,000 shares of GRUH, shareholders will get 568 shares of Bandhan.
The important reason for the merger by Bandhan Bank is to meet minimum shareholding norms set by SEBI.
The merger received approval of the Competition Commission of India (CCI) in April and nod from RBI in March.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
