GRUH Finance, Bandhan Bank drop after merger deal

GRUH Finance lost 13.52%, while Bandhan Bank dropped 3.08% at 11:35 IST on BSE after after both the companies announced a merger deal through share swap.

The announcement was made after market hours yesterday, 7 January 2019.

Meanwhile, the S&P BSE Sensex was down 28.75 points, or 0.08% to 35,821.41

GRUH Finance lost 13.52% to Rs 264.80. On the BSE, 8.06 lakh shares were traded in the counter so far compared with average daily volumes of 36,000 shares in the past two weeks. The stock had hit a high of Rs 283 and a low of Rs 262.20 so far during the day.

Bandhan Bank dropped 3.13% to Rs 485.40. On the BSE, 5.90 lakh shares were traded in the counter so far compared with average daily volumes of 97,000 shares in the past two weeks. The stock had hit a high of Rs 500.70 and a low of Rs 470.85 so far during the day.

The board of GRUH Finance at its meeting held on 7 January 2019 has approved a scheme of amalgamation between Gruh Finance (transferor company) and Bandhan Bank (transferee company). Shareholders of Gruh Finance will receive 568 shares of Bandhan Bank for every 1,000 shares held.

GRUH Finance is a housing finance company registered with National Housing Bank. The company falls under the category of non-banking financial company (NBFC).

Bandhan Bank is a commercial bank focused on serving underbanked and underpenetrated markets in India. The bank currently offers a variety of asset and liability products and services designed for micro banking and general banking, as well as other banking products and services to generate non-interest income.

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